Japanese automaker Nissan reported a loss on Thursday for the fiscal quarter, main the corporate to announce it’s chopping 9,000 folks, round 6% of its workforce. Nissan fashions didn’t promote effectively within the U.S. final quarter.
Makoto Uchida, Nissan’s CEO, instructed reporters that he’s taking the state of affairs “very severely,” in accordance with the AP—and chopping his wage in half.
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Uchida mentioned he was taking a 50% pay reduce 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 cut back their pay when enterprise is down.
In 2023, Zoom CEO Eric Yuan reduce his wage by 98% amid a layoff announcement. Later that yr, Container Retailer CEO Satish Malhotra took a voluntary 10% pay reduce in order that staffers might obtain advantage bonuses.
In 2013, Nintendo’s CEO famously reduce his wage in half to keep away from layoffs.
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