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Electronics Production | April 17, 2009

Dutch province stops subsidy to NXP due to director bonus

The province of Gelderland has stopped a €500,000 subsidy to chip maker NXP. The reason is a 14.4 million Euro bonus the company is giving several of its bosses, Dutch paper the Telegraaf reported.
The money was earmarked for a new NXP unit in Eindhoven for strengthening the company’s technological expertise in the region. However due to a large figure bonus paid out to several directors, the province has stopped the subsidy. NXP has frozen staff salaries due to the ongoing recession. However, according to local paper “Eindhoven's Dagblad” four former directors are due to collect a total €14.4m in bonuses over 2008. According to ElectronicsWeekly, the bonus was paid out to by former NXP CEO Frans van Houten, Hein van der Zeeuw, Peter van Bommel and Theo Claasen.
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