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Fiat Chrysler Automobiles moved to reinstate full pay for its salaried workers earlier this month after cutting some salaries and partially delaying others while attempting to conserve cash during the coronavirus pandemic.
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On April 1, senior leaders of the company took pay deferrals equivalent to 20 percent while global executives took pay cuts ranging from 20 percent up to 50 percent at the CEO level in order to "protect the financial health of the company," Fiat Chrysler told FOX Business on Friday.
FIAT CHRYSLER POSTS LOWER-THAN-EXPECTED OPERATING LOSS IN SECOND QUARTER
|FCAU||FIAT CHRYSLER AUTOMOBILES N.V.||10.09||-0.41||-3.95%|
"We deeply appreciate the shared sacrifice from our employees and leadership whose pay cut and or deferral has now been reinstated since July 1," Fiat said.
The company's nonexecutive board of directors and board chairman also unanimously agreed to forgo their remaining 2020 compensation in April; that remains unchanged.