Daimler CEO Ola Kallenius and members of the automaker’s management board will reduce their fixed compensation by 20 percent until the end of the year in response to the effects of the coronavirus crisis.
Other senior executives will see their pay drop by 10 percent for the next three months, Daimler said in a statement on Thursday.
The cuts started April 1.
Kallenius’s fixed salary in 2019, the year he took over from longtime Daimler CEO Dieter Zetsche, was 1.34 million euros ($1.47 million). He also earned 3.5 million euros ($3.8 million) in variable compensation, including shares and performance bonuses.
In addition to Kallenius, there are seven members of Daimler’s management board. Other management board members’ base salary ranged from around 400,000 euros to 800,000 euros ($434,400 to $868,900), according to Daimler’s annual report
With production halted in Europe and North America and many dealership showrooms closed, automakers are seeking ways to preserve cash and…
