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David Jones Limited (ASX:DJS) executives and managers were forced to take pay cuts as profits dived last year.
The exception - Paul Zahra, his pay rose from $2.25 million to $2.6 million in his first year of taking up the post.
According to the annual report, senior management and executives forfeited short term bonuses that included net profit as a key financial hurdle. Many base salaries were also reduced.
David Jones reported a full year net profit of $168 million to July 31, 2011.
