Elpida Announces Decision to Reduce Executive Compensation
TOKYO, JAPAN, October 17, 2008 – Elpida Memory, Inc. ("Elpida"), Japan's leading global supplier of Dynamic Random Access Memory ("DRAM"), today reported reductions in executive compensation. As mentioned in an October 14 press release titled "Elpida Reports Preliminary Financial Results for the 1H of FY 2008," Elpida expects to record 2Q losses that are above its 1Q losses. In light of this expectation, Elpida executives, the company's Executive Compensation Advisory Committee and the Board of Directors have decided to temporarily lower compensation for the executive positions noted below.
- Reduction in compensation (effective as of November 2008)
Amount of reduction Period of reduced compensation Yukio Sakamoto, President & CEO 50% Until March 2009 or a monthly operating profit is reestablished Shuichi Otsuka, Takao Adachi and Hideki Gomi Directors (Full-time) 10% Same Seven corporate executive officers 5% Same - Reason for reduced compensation
In light of the decline in business results the senior executives at Elpida responsible for management and business operations have decided to temporarily reduce their executive compensation levels and are focusing on returning the company to profitability as soon as possible.
About Elpida
Elpida Memory, Inc. (Tokyo: 6665) is a leading manufacturer of Dynamic Random Access Memory (DRAM) integrated circuits. The company's design, manufacturing and sales operations are backed by world class technological expertise. Its 300mm manufacturing facilities, consisting of its Hiroshima Plant and a Taiwan-based joint venture, Rexchip Electronics, utilize the most advanced manufacturing technologies available. Elpida's portfolio features such characteristics as high-density, high-speed, low power and small packaging profiles. The company provides DRAM solutions across a wide range of applications, including high-end servers, mobile phones and digital consumer electronics. More information can be found at http://www.elpida.com.
Information in this news release is current as of the timing of the release, but may be revised later without notice.