© Reuters. FILE PHOTO: A Fiat Chrysler Automobiles sign at its US headquarters in Auburn Hills, Michigan
(Reuters) – Fiat The top executives and employees of Chrysler Automobiles NV (MI 🙂 (N 🙂 around the world are in an act of "common sacrifice" caused by the coronavirus pandemic that affects the automaker's plants in Europe and North America closed, cut wages at a company memo seen by Reuters.
Chief Executive Mike Manley said in the memo that he would cut his salary by 50 percent for three months from April 1, while Chairman John Elkann and the FCA Board of Directors will waive the rest of their 2020 compensation. FCA said most global employees are hired to take a temporary 20 percent cut in wages.
"Protecting the company's financial health is everyone's responsibility, and of course it starts with me and the leadership of the FCA," Manley wrote.
According to the memo, members of the automaker's group management board will also cut their salaries by 30 percent.
Last week, U.S. automaker General Motors Co (NYSE: .N) # 1 announced that it plans to keep its factories closed indefinitely, cut employee and executive pay, and suspend some future product programs to help To save money.
GM's chief executive and chief financial officer urged the company's employees in an internal video, saying that "significant savings" are needed to maintain the company's long-term viability.
To save money, Ford Motor Co. (N 🙂 also said that it temporarily lowered top executive salaries.
Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real-time or correct. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trade losses that you may incur from using this data.
Fusion Media or anyone dealing with Fusion Media are not responsible for any loss or damage caused by trust in the information contained on this website such as data, offers, diagrams and buy / sell signals. Please be fully informed about the risks and costs associated with trading on the financial markets. This is one of the most risky forms of investment that is possible.