Middlefield optical technology maker Zygo Corp., citing an improving market, has eased up again on a pay cut for its senior executives, according to public documents.
Zygo said in a regulatory filing that it has restored, retroactive to May 1, another 8 percent of the 25 percent pay cut originally imposed on senior staff in early 2009.
Last fall, the company trimmed the pay reduction to 20 percent in light of better demand for its technology used in optical scanners and measuring tools embedded in manufacturing machinery. The company also at that time restored about a third of the pay for its approximately 470 employees worldwide.
The latest move trims the pay cut to 12 percent for the officers, including the chief executive officer.
However, CEO Chris L. Koliopoulos has agreed for the time being to forego his annual bonus equal to as much as half his annual salary, according to the 8-K filing with the Securities and Exchange Commission.
