January 27, 2009 / 10:05 PM / in 9 years

UPDATE 1-Eddie Bauer cuts board size and compensation

LOS ANGELES, Jan 27 (Reuters) - The board of Eddie Bauer Holdings Inc EBHI.O said on Tuesday it will cut the number of directors to seven from ten and “significantly reduce” the compensation of the remaining board members.

The move comes as the casual and outdoor clothing company cuts costs amid a tough retail environment.

Directors Howard Gross, Paul Kirincic and Ed Straw have volunteered not to stand for reelection in May 2009.

The cash compensation paid to each board member will be cut by about 50 percent, the value of annual equity grants for board service will be reduced and 2009 annual equity awards for service will be deferred. (Reporting by Lisa Baertlein; Editing by Tim Dobbyn)

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