Macmahon Holdings Limited
(ASX:MAH) has shed staff and its executives will take a pay cut as it strives to improve the business and cost efficiency.
The contract mining and construction company did not reveal how many jobs have gone at its annual general meeting on Friday.
Newly appointed CEO Ross Carroll did confirm roles have been made redundant, a hiring freeze has been introduced and executive management will take a 10 per cent pay cut this financial year.
Macmahon expects to generate savings of more than $10 million excluding the impact of redundancy costs.
The changes have been made following a review that was completed in October and after Macmahon slashed its annual earnings expectations by half in September after which CEO Nick Bowen resigned.
Macmahon Holdings posted a net profit of $56 million in the 2012 financial year.
