Beiersdorf top managers take temporary 20 percent pay cut to reduce costs

Beiersdorf top managers take temporary 20 percent pay cut to reduce costs

THE WHAT? Beiersdorf top managers are to waiver 20 percent of their fixed compensation between April and December in a bid to cut costs amid the ongoing COVID-19 pandemic, according to a report by Reuters. 

THE DETAILS CEO Stefan De Loecker stated that lower tier managers would forego 5 percent as the company looks to a solidarity response to secure employment during the crisis.

THE WHY? According to De Loecker the company is needing to cut costs as a result of the coronavirus fall out, with sales expected to decline. 

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