Adobe Inc freezes pay due to slump in sales

Written by: Super Admin
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San Francisco, Apr 29: The graphic design behemoth, Adobe Inc that is hit by the slump in sales due to recession will be freezing pay this year.

Chief Financial Officer Mark Garrett on Tuesday, Apr 28 said, “Clearly, we aren"t going to have salary increases. The bonus plans and variable compensation plans will pay out less. We have set ourselves up for what we think we need to do-from a costs perspective-for the rest of this year."

Even if the American demand is stabilising the overseas sales which account for 60 per cent of the company's revenue are still low. Adobe has already cut about 8 per cent of the work force, cut back on travel and on use of contractors.

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