Quik Board eliminates execs recent raises

I missed this yesterday when I was in a virtual whiteout while skiing at Mt. Bachelor in Oregon. Kind of hard to check the iPhone for news in those conditions. It’s been snowing non-stop here all week – lots of rescues of people stuck in powder up to their chests. All this snow has got to be great for the bookings going on right now for next winter.

Back to the news. In January, Quiksilver said it wanted to cut $20 million in expenses as it works to improve profit margins. The board made one cost cutting move this week. It eliminated the raises it recently gave to top executives, keeping their pay at these fiscal 2007 levels:

Name and Position                               Base Salary

• Robert B. McKnight, Jr.              $ 950,000

Chief Executive Officer

• Bernard Mariette,                      $ 800,000

President

• Charles S. Exon,                       $ 425,000

Executive VP, Secretary and General Counsel

• Joseph Scirocco,                       $ 550,000

Executive Vice President and Chief Financial Officer

• David Morgan,                           $ 475,000

Executive Vice President and Chief Operating Officer