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OTE to cut executive bonuses in 2011

Δημοσίευση 31 Δεκεμβρίου 2010, 14:50 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
OTE to cut executive bonuses in 2011
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Hellenic Telecommunications Organisation (OTE) has launched a drastic cost-cutting programme aiming at the the abolition of extra compensation to high-ranking executives working in the parent company and its affiliates.

Hellenic Telecommunications Organisation (OTE) has launched a drastic cost-cutting programme aiming at the the abolition of extra compensation to high-ranking executives working in the parent company and its affiliates.

In an internal document, Mihalis Tsamaz, chairman and chief executive of the Group, said that starting from Jan. 1, 2011 the board will not pay out a bonus on achieving goals for 2011 and will end the use of a professional credit card by high-ranking executives, such as directors and general managers, citing the general financial condition in the country and the need to rationalise spending in OTE.

Deutsche Telekom’s officials said recently that OTE should cut its payroll costs, while Greek Finance Minister George Papakonstantinou, in a letter sent to the managements of public sector enterprises, called for strict adherence to a government plan to cut costs in the wider public sector.