Hochschild slashes management pay, turns chairman into non-executive
Gold and silver producer Hochschild Mining (LON:HOC), severely hurting from the global commodities downturn, said Wednesday its chairman Eduardo Hochschild would become non-executive chairman beginning Jan. 1.
The company also said it was further slashing executive pay as part of ongoing cost cuts to steady itself against falling precious metals prices. Non-executive directors, in turn, will see a 30% pay cut next year.
Roberto Dañino, deputy chairman, has also waived a fee payable to him as special adviser to the firm, Hochschild said.
The company is poised to drop out of the FTSE 250 — index containing the 101st to the 350th largest companies listed on the London Stock Exchange, on December 22, as its shares have fallen 38% this year on the back of weak results caused by slumping gold and silver prices.
Image courtesy of Hochschild Mining.