Fiat Chrysler top executives will temporarily slash their salaries to maintain the automaker’s financial soundness because of the coronavirus crisis, CEO Mike Manley informed employees on Monday.
Manley said he would halve his salary for about three months to avoid job cuts in the second quarter, according to a letter which he sent to employees.
Chairman John Elkann and the other members of the board are set to give up their whole salaries until year end, Manley added in the letter.
Other executives will see their wages reduction by 30% while the group will ask workers not affected by present cuts in working shifts to have 20% of their salaries’ payments temporarily postponed.
Fiat Chrysler and other automakers across the world have shut their plants due to the coronavirus crisis.
Coronavirus has so far infected over 800,000 people and killed 38,735 worldwide.