Nissan CEO Cuts Salary in Half, Company Laying Off 9,000

Date:

Share post:


Japanese automaker Nissan reported a loss on Thursday for the fiscal quarter, leading the company to announce it is cutting 9,000 people, around 6% of its workforce. Nissan models did not sell well in the U.S. last quarter.

Makoto Uchida, Nissan’s CEO, told reporters that he is taking the situation “very seriously,” according to the AP—and cutting his salary in half.

Related: Should CEOs Take a Pay Cut to Avoid Layoffs and Cutting Jobs? It’s Complicated, Experts Say

Uchida said he was taking a 50% pay cut and the company is cutting its production capacity globally by 20%.

In 2022, Uchida made ¥673m (around $4.5 million), per the BBC.

“Nissan will restructure its business to become leaner and more resilient,” he added.

Uchida isn’t the first CEO to reduce their pay when business is down.

In 2023, Zoom CEO Eric Yuan cut his salary by 98% amid a layoff announcement. Later that year, Container Store CEO Satish Malhotra took a voluntary 10% pay cut so that staffers could receive merit bonuses.

In 2013, Nintendo’s CEO famously cut his salary in half to avoid layoffs.

Related: CEO of Tesla Rival Drops Salary to $1 to Cover Bankruptcy Costs

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

How Reframing Your Approach Can Help You Be More Productive

Confidence breeds productivity. These thoughtful approaches will help you get things done and feel more confident in...

Singapore Prime Minister Lee Hsien Loong stepping aside for first change at top at business friend island state in 20 years

Singapore Prime Minister Lee Hsien Loong, 72, will step down May 15 as part of a long-planned...

Overcome Your Fear of Selling to Make 6 Figures a Year

“Everyone will think I only want their money” Danny Margulies’ first experience with selling was working at a...

Your Template and Guide in 2024

What should you include in an effective content brief to make sure it's helpful for readers and...