Courtesy of Benzinga.
STEC, Inc. (Nasdaq: STEC), a leading global provider of solid-state drive (SSD) technologies and products, today announced the voluntary offer by Mark Moshayedi, president and chief executive officer, and Manouch Moshayedi, founder, to cut their annual salaries to $1 in response to STEC’s ongoing efforts to lower its costs and improve its overall financial performance. The salary reduction was accepted by STEC’s Board of Directors and took effect on December 1, 2012.
The two executives also purchased late last month on the open market approximately 275,000 shares of STEC common stock.
