People's Liberation Inc announced that executive management is voluntarily reducing their salaries to focus on achieving profitability.
In particular, executives Daniel Guez, Co-Chairman and Creative Director; Darryn Barber, Chief Financial Officer; and Tom Nields, Chief Operating Officer, have reduced their base salaries to $200,000 each.
Additionally, Daniel Guez's employment agreement has been amended to reflect the reduction in salary and in addition the elimination of his bonus structure.
In addition, People's Liberation announced that Ted Houston, formerly President, is no longer with the company, effective June 7, 2007.
Based on changes to the executive team and reduced salary expenses, the company expects to generate savings in excess of $600,000 on a normalized annual basis, before giving effect to income taxes.
"As a member of our executive management team and a significant shareholder, I believe these salary reductions exemplify our commitment to operating in the best interests of all of our shareholders," stated Colin Dyne, Chief Executive Officer of People's Liberation.
"Our management team felt this action was an appropriate measure that would contribute to the long-term success of the Company."
Mr. Dyne continued, "I would also like to recognize and thank our employees who continue to work hard and remain vigilant in their efforts as we take the necessary steps to move the company to the nextlevel. We passionately believe in the future of People's Liberation and William Rast and will continue to create shareholder value and future earnings growth.”
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