before you have a knee jerk reaction, take a deep breath and do the following.
1. speak with your boss and have hin/her explain why the comp teduction.
a. was it company wide?
b. Has your performance not been satisfactory? find out exactly why and what you can do to correct it.
c. Is the company in financial trouble? as a CEO for over 30 years, i've found that some leaders do not know how to manage a financial crisis. if the company is in trouble, the salary reduction has to be company wide to have any meaningful impact. if the company is not in trouble, you must drill down and find out why you.
Bottom line, you can always leave if their response isn't satisfactory. it's always easiest to try to correct the situation rather than resign. also, don't ever quit without having another job. job hunting takes time an a lower income is better than no income while you look. Time is on your side. don't over react without a well crafted exit plan.
Good luck.
Will Willis