Enfield solar encapsulant distributor STR Holdings said its board of directors approved a 40 percent reduction in its own members’ compensation.
The decrease comes “in light of the decrease in size of the company’s business,” the company wrote in a U.S. Securities and Exchange Commission filing.
The company’s sales have fallen sharply since losing its biggest customer, First Solar, in early 2013.
Net sales in 2013 were $31.9 million, down from $95.3 million in 2012 and $232.4 million in 2011.
STR’s non-employee directors are paid an annual retainer of $52,500 worth of common stock, $45,000 in additional shares that vest over one year or sooner, and $2,000 in cash for every board and committee meeting attended, according to filings.
The chairmen of the board, audit committee and compensation committee each receive an additional annual cash payment of $50,000, $25,000 and $10,000, respectively.
The reduction in board compensation will take effect Oct. 1.
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