Penske Automotive Group said it is slashing executive pay, furloughing employees, postponing $150 million in capital expenditures and taking a range of other steps to “to help mitigate the financial and operational impact of COVID-19.”
CEO Roger Penske and President Robert Kurnick will accept no salary for the duration of the coronavirus outbreak, while executives and managers across the company also are taking pay cuts, Penske spokesman Anthony Pordon said Monday. Pordon said Penske was not disclosing how many employees would be furloughed, nor how many would see reductions in compensation, or how much. The company also is freezing hiring.
In addition, the board of directors has waived its cash compensation for six months, the second-largest U.S. dealership group said in a statement.
“The COVID-19 crisis is impacting our operations requiring us to take swift and decisive action to address declining business levels,” Penske said in the statement. “I am confident the actions we are…