Friday, May 16, 2008
InfoSearch Media Employees, Execs Take A Haircut
Marina del Rey-based InfoSearch Media said Friday morning that a majority of the firm's employees and senior management have agreed to take temporary pay cuts. According to InfoSearch Media, a majority of its 25 employees have chosen to take temporary pay cuts of 33 percent to 71 percent in their pay; the firm's CEO has cut his pay by 71 percent, and the CFO by 64 percent. The firm said the pay cuts were made to help the firm ensure "collective longer-term success." The company also said it provided equity to the employees as part of the moves. InfoSearch Media provides Internet search marketing, including pay-per-click management and SEO services. Infosearch has been struggling in recent months; the firm reported last month in its quarterly report that the company's auditors have raised an issue related to the Company's ability to continue as a going concern. The pay cut also follow layoffs a significant number of employees last year.