Boat builder’s executives take voluntary pay cut

ATLANTA – On March 26, the Compensation Committee of the Marine Products Corp. (NYSE: MPX) Board of Directors approved a reduction in the base salary of four of its executive officers, the boat builder reported in an SEC document filed yesterday.

“In light of the difficult operating environment faced by the company,” the executives “volunteered to reduce their base salaries effective April 1,” the company reported in the document.

President and Chief Executive Officer Richard A. Hubbell’s salary was reduced from $350,000 to $175,000. Vice President, Chief Financial Officer and Treasurer Ben M. Palmer’s salary was reduced from $175,000 to $100,000. Chairman R. Randall Rollins’s salary fell from $300,000 to $150,000. And the salary of Linda H. Graham, vice president and secretary, fell from $115,000 to $70,000.

Marine Products manufactures fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral and outboard sport fishing boats by Robalo.

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