CDK Global Inc. CEO Brian Krzanich is reducing his salary and cash bonuses to $1 for the remainder of 2020 as the dealership technology company prepares to waive or reduce fees paid by dealerships in April.
CDK, which provides dealership management and customer relationship management systems, said this week Krzanich’s voluntary salary reduction will be effective from April 1 through the end of the calendar year. The company said Krzanich requested the move.
“We know that you and your employees are being impacted by the COVID-19 crisis,” Krzanich wrote in a letter to CDK customers Sunday.
“I want to do this as an expression of solidarity and a commitment to this industry, as well as to the employees of our dealers and CDK. Together, we will get through this,” he said of his reduced salary.
Krzanich’s annual base salary is $1 million and he is eligible for an annual cash bonus worth 150 percent of the base salary, according to an employment agreement and documents filed with the…