Fiat Chrysler Automobiles (FCA) CEO Mike Manley
Massimo Pinca | Reuters
Fiat Chrysler will temporarily defer the salaries of its white-collar workers by 20% for the next three months as the automaker attempts to save cash to weather the coronavirus crisis.
The pay cuts, according to a Monday letter from CEO Mike Manley obtained by CNBC, will begin Wednesday. Manley also will take a 50% cut in his salary and members of the Group Executive Council (GEC), the company’s highest executive decision-making body, will all take 30% salary cuts, according to the letter.
“Protecting the financial health of the company is everyone’s responsibility and naturally starts with myself and the leadership of FCA,” Manley wrote, citing the cuts are “to avoid the layoff of any permanent employees.”
Fiat Chrysler Chairman John Elkann and the rest of the automaker’s board also have unanimously agreed to forgo their remaining 2020 compensation, Manley said.
The salary cuts for the white-collar workers are…