In response to an ongoing revenue crunch, drafting and graphics software maker Autodesk has cancelled pay raises and trimmed the salaries of top executives.
An Autodesk representative confirmed chief executive officer Carol Bartz has cut her salary by 20 percent and trimmed the paycheques of senior executives -- vice presidents and above -- by 10 percent, effective for the remaining two quarters of the year. In addition, no pay raises will be granted this year.
In a memo sent to employees on Friday, a week after workers returned from a company-wide shutdown for the Fourth of July week, Bartz said the measures were necessary in light of current economic conditions.
"Our confidence in Autodesk's future is undiminished, yet this year's economic realities require us to make all our decisions with extreme prudence and caution," she wrote. "We're pleased we're not losing market share to our competitors, but our overall business is significantly affected by our customers' spending cutbacks."