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Japanese automaker Nissan reported a loss on Thursday for the fiscal quarter, main the corporate to announce it’s chopping 9,000 individuals, round 6% of its workforce. Nissan fashions didn’t promote effectively within the U.S. final quarter.
Makoto Uchida, Nissan’s CEO, informed reporters that he’s taking the state of affairs “very significantly,” according to the AP—and chopping his wage in half.
Associated: Should CEOs Take a Pay Cut to Avoid Layoffs and Cutting Jobs? It’s Complicated, Experts Say
Uchida mentioned he was taking a 50% pay minimize and the corporate is chopping its manufacturing capability globally by 20%.
In 2022, Uchida made ¥673m (round $4.5 million), per the BBC.
“Nissan will restructure its enterprise to turn out to be leaner and extra resilient,” he added.
Uchida is not the primary CEO to scale back their pay when enterprise is down.
In 2023, Zoom CEO Eric Yuan cut his salary by 98% amid a layoff announcement. Later that yr, Container Retailer CEO Satish Malhotra took a voluntary 10% pay cut in order that staffers may obtain advantage bonuses.
In 2013, Nintendo’s CEO famously cut his salary in half to keep away from layoffs.
Associated: CEO of Tesla Rival Drops Salary to $1 to Cover Bankruptcy Costs
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