Coastcast Chairman, President to Take Pay Cuts

Coastcast Corp., a maker of stainless steel and titanium golf-club heads, said both its chairman and president will take voluntary 20% salary cuts as Asia’s worsening economies and soft U.S. demand have hurt sales. Coastcast Chairman Hans Buehler, 65, now will earn $400,000 at the Rancho Dominguez, Calif.-based company. Buehler, who founded Coastcast, also will discontinue his involvement in the company’s retirement plan and resume his duties as chief executive. Richard Mora, 58, will remain as president. His salary was unknown. “We’re facing difficult times,” Buehler said. “Some hard steps needed to be taken.” Coastcast has recently made layoffs and reduced the salaries of its nearly 3,000 employees worldwide. Most of the employees are in Mexico, and about 1,000 are in the United States, Buehler said. Coastcast’s shares fell 19 cents to close at $8.25 on the NYSE.