Monaco Coach to slash executive pay

Monaco Coach Corp. approved on Monday a pay reduction for five of its executives.

The cuts by the Oregon-based motorhome manufacturer are designed to reduce debt by increasing cash flow and reducing expenses and return the company to profitability, according to a Securities and Exchange Committee filing.

During the performance period, which begins with the third quarter of 2008 and ends with the close of the second quarter in 2009, the base salaries of each executive will be reduced between 10 and 50 percent. Executives affected are:

* Kay Toolson, chairman of the board and CEO, who will get a 50-percent reduction;

* John Nepute, president, who will get a 30-percent reduction; and

* P. Martin Daley, vice president and chief financial officer; Richard Bond, senior vice president, secretary and chief administrative officer; and Michael Snell, vice president of sales and marketing, who will each see 15-percent reductions

Production at Monaco’s plants in Wakarusa, Elkhart and Nappanee is expected to end about Sept. 17.

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