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
→ Continue reading at Entrepreneur