Oceaneering Leadership, Board Take Voluntary Pay Cuts

Oceaneering Leadership, Board Take Voluntary Pay Cuts
The cuts affected base payments by as much as 20 percent.

Oceaneering International Inc.’s board has approved voluntary base salary reductions of the executive management team and other members of senior management, effective May 1.

In line with the company’s efforts to reduce costs during the ongoing public health and energy market crises, Chief Executive Roderick A. Larson's base salary will be reduced by 15%. Base salaries for executive level management, including the executive leadership team and senior vice presidents, will be reduced by 10%, and base salaries for other senior leadership will be reduced by 7.5%.

The board also approved 20% reductions in the remaining 2020 base cash retainer payments for each of the board members.

"I want to thank our senior leadership and board of directors for agreeing to these pay reductions,” Larson said in a written statement. “I also look forward to providing more specifics around the strategies we are implementing to reduce costs, increase operational efficiencies, and lower our capital spending on our May 14 conference call regarding first quarter 2020 financial results."  

To contact the author, email bertie.taylor@rigzone.com.



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