Kennametal’s board cut Chairman and CEO Carlos Cardoso and other top executives' base salaries by 15 percent, citing worsening business conditions.
The cuts take effect July 1, the start of the tooling manufacturer's 2010 fiscal year. According to a company press release, the lower salaries will remain until the board deems business conditions have improved enough to support a reinstatement or increase.
Cardoso's base salary in 2008 was $818,750, but through various options and awards, his total compensation was $4,648,995.
Kennametal lost almost $138 million in the quarter that ended March 31. Since April 2008, when the company announced a restructuring, it has cut its work force by about 1,600 through layoffs, plant closings and selling off businesses. About 800 job cuts were announced in January.