Massey says Blankenship, others take 10 percent pay cut to reduce expenses

Massey’s Blankenship, others take 10 pct pay cut

CHARLESTON, W.Va. — Coal producer Massey Energy says CEO Don Blankenship and four other executives are taking 10 percent pay cuts.

Richmond, Va.-based Massey says in a regulatory filing Tuesday the cuts took effect May 1 and cover monthly base pay for Blankenship, President Baxter Phillips, Chief Financial Officer Eric Tolbert, Chief Operating Officer Christopher Adkins and Vice President Michael Snelling.

Blankenship told Wall Street last week that Massey was cutting all salaries and benefits approximately 6 percent to reduce expenses as low demand drives down prices.

Massey, the nation’s fourth-largest coal producer by revenue, operates mines in West Virginia, Kentucky and Virginia.