Stec’s CEO and Founder Moshayedi Cut Annual Salary to $1 (!)

STEC, Inc. announced the voluntary offer by Mark Moshayedi, president and CEO, and Manouch Moshayedi, founder, to cut their annual salaries to $1 in response to the company’s ongoing efforts to lower its costs and improve its overall financial performance.

The salary reduction of Mark and Manouch Moshayedi was accepted by the board of directors and took effect on December 1, 2012.

This reduction to base compensation does not affect any other compensatory arrangements that Mark and Manouch Moshayedi have with STEC and does not impact their non-salary compensation and benefits.

The two executives also purchased late last month on the open market approximately 275,000 shares of STEC common stock.

"We strongly believe in STEC’s ability to continue to be a leading innovator in the SSD market and in our management team’s efforts to navigate the company to a better position and realize its long-term potential," said Mark Moshayedi. "In support of these beliefs, we made open-market purchases of STEC’s shares and have reduced our salaries. The share purchases also reflect our continued confidence in STEC extending its reach in the global enterprise-class SSD market, which continues to grow at a healthy pace. We look forward to executing on our strategy designed to reposition our business in ways that will allow us to capitalize on this growth and advance our standing as a leader in this market."