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Prepaid Card Holdings Inc.'s chief executive, Bruce Berman, has decided to forgo his salary for the current year to help fund the Las Vegas card marketer's expansion.
The company is contractually obligated to pay Mr. Berman $25,000 a month, but said Wednesday that he has agreed to receive a nominal salary of $1 for 2008.
Demand for its prepaid products is increasing faster than it had anticipated last year when it developed an expansion plan, and the costs of meeting this demand have increased, the company said. Mr. Berman said in a press release, "I decided that I would rather see $25,000 a month stay in the company and go towards marketing and fulfillment efforts."
