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.