Salaries of top executives at Indie Semiconductor in Aliso Viejo were significantly cut as the company says it initiated a round of layoffs, according to regulatory filings.
Among the executives affected, CEO Donald McClymont’s salary was reduced to $1 a year, Indie said in a filing with the SEC dated Aug. 29. The salary reductions took effect on Sept. 1 and will stay in place until March 31.
The automobile-tech company (Nasdaq: INDI) said 50 people were let go in last month’s layoffs.
The company’s shares fell 8% to $3.82 apiece, near a 52-week low.
