IWAKUNI, Japan (May 1, 2012)—Senior executives of Mitsui Chemicals Inc. are taking pay cuts following an explosion and fire at its Iwakuni-Ohtake resorcinol plant on April 22 that killed one employee and injured at least 11.
Mitsui's president and CEO will take a 40-percent reduction in his compensation, and other executive officers 30 percent, for an indefinite period beginning with April, the company said.
The supplier formed a committee to investigate the accident and seek ways to prevent a similar incident. Mitsui said the authorities also are investigating.
The explosion sent debris flying throughout the area, causing damage to local residences and buildings, according to news reports.