ZTE Executives to Take 50% Pay Cut
China Business News, 10/16/12
Shi Lirong, president of Chinese telecom equipment and terminal manufacturer ZTE (0763.HK; 000063.SZ), announced yesterday that the company's management will assume responsibility for recent losses posted by ZTE. Accordingly, Shi and other top ZTE executives will take a 50% pay cut until the company retains profitability. Shi stated that, "Overall, the company's strategy over the past two years has been correct, but our execution has run into problems."
ZTE's net losses attributable to shareholders for the first nine months of 2012 are estimated to reach RMB 1.65 bln to RMB 1.75 bln.
Editor's Note: For more background on this topic, please see "ZTE Estimates Q1-Q3 2012 Losses to Reach RMB 1.65 Bln" MD 10/14/12 issue.
Keywords: telecom 000063.SZ 0763.HK telecom equipment ZTE Shi Lirong loss
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