Glu Aims To Cut Expenses By 19 Percent Through Layoffs, Cutting CEO’s Pay

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imageSan Mateo, Calif.-based Glu Mobile (NSDQ: GLUU) said it’s laying off an undisclosed number of employees with the hope of cutting expenses by about $13 million, or 19 percent compared to Q2 2008, according to a SEC filing. In addition, Glu’s CEO Greg Ballard is asking the board to reduce his salary by 25 percent, a move that sounds eerily like what is happening in the auto industry. The pay cut would reduce Ballard’s $375,000 annual salary by $93,750, according to the company. Ballard:

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Ides of March

Ballard could take a 100% pay cut and he'd still be grossly overpaid. He's the one and only reason that Glu finds itself sliding inexorably into bankruptcy.

Say What?

"…Greg Ballard is asking the board to reduce his salary by 25 percent…"

A CEO voluntarily taking a pay cut based on poor company performance…what a concept.

Ryan Wuerch – Please take note of this.

Special K

There is no way Glu can recover, Ballard must be a member of Opus Dei.

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