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LN Mittal to get 12 per cent less salary |
 Laxmi Niwas Mittal, Chairman an CEO of world’s largest steel producer ArcelorMittal has taken a pay cut of 12 per cent for the year 2009. He takes home around $ 3.6 million against $ 4.1 million in 2008.
After the Board of Director’s decided to reduce the compensation in
February 2009 the group management decided voluntarily to go for a 12
per cent cut. The others on the board like those of his daughter
Vanisha Bhatia, Narayanan Vaghul, Wilbur Ross and others also received
about 23 per cent less in 2009 as compared to the amount they received
for the year 2008. Besides the board members, company’s managing brass
like India CEO Vijay Bhatnagar and others Got their salary reduced by
almost 10 per cent. To remember, after a deep slump in steel demand
during 2009 the company recorded losses for the first and second
quarter of the year 2009 and resorted to cost cutting phenomenon.
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