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 nicely within the U.S. final quarter.
Makoto Uchida, Nissan’s CEO, instructed reporters that he’s taking the scenario “very severely,” according to the AP—and chopping his wage in half.
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Uchida stated he was taking a 50% pay lower 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 change into 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.
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