Seattle-based SeaBright Insurance Holdings Inc., at management’s recommendation and reflective of the current recessionary economy and its negative effect upon earned premium, said it will reduce the base salary of the company’s CEO by 20 percent and the base salaries of executive officers and certain management employees by either 10 percent or 5 percent, depending upon salary level.
“We believe that this management-initiated reduction in base salaries is an important symbol of our overall efforts to reduce costs in response to current economic conditions,” said John Pasqualetto, CEO.
In addition, the non-employee directors of the company’s board have agreed to reduce certain of their fees by 20 percent.
SeaBright Insurance Holdings Inc. is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Co., operates as a specialty underwriter of multi-jurisdictional workers’ compensation insurance.
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