Chattanooga: Miller keeps salary cuts in place

Chattanooga Times Free Press

Compensation for most executives at Chattanooga-based tow truck maker Miller Industries fell in 2008 following two consecutive years of contracting sales.

Some top executives agreed to pay cuts for 2008 to help offset those declines, said J. Vincent Mish, executive vice president, chief financial officer and treasurer for Miller.

 … Paul Lapides, director of the Corporate Governance Center at Kennesaw State University, said he applauds executives who take pay cuts.

“When executives take pay cuts it sends a message to all the workers, their customers and shareholders that they understand how these are tough times and they want to participate in the pain with everyone else ,and that’s how leaders show leadership,” Mr. Lapides said.