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Japanese Firm Involved in Scandal Votes to Slash Executives’ Salaries

From Associated Press

Shareholders of Recruit Co., the firm at the center of a stock-profiteering and bribery scandal, voted Saturday to slash executives’ salaries, company spokesman Yasutaka Natsuka reported.

He said they also voted to deny retirement pay to the firm’s founder and former chairman, Hiromasa Ezoe.

About 30 major shareholders of the employment-information conglomerate, including company president Naotaka Ida, held a general meeting at the firm’s Tokyo headquarters to atone for any company wrongdoing, said Natsuka.

News reports said the shareholders agreed to reduce Recruit executives’ monthly pay by up to 50%, with Ida’s salary cut in half. They said the shareholders decided to let Ida stay on as president, at least for now, while prosecutors pursue their investigations.

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