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Effective March 1, 2009, the Chicago Stock Exchange Inc., the principal operating subsidiary of CHX Holdings, Inc., will implement an across-the-board salary reduction program for its employees.
Salary reductions will range from 9.5% to 16.5% based on current salary levels, with those earning more being significantly more impacted. Our Board of Directors has also received considerable reductions to their compensation.
The implementation of this action is part of our response to the current difficult economic climate and the very challenging times that many in the financial services industry are facing. This action is expected to reduce our annual salary expense at current staffing levels by $1,200,000.
We continue to monitor and explore all options available to increase revenue and decrease expenses.
