Nissan's CEO has announced he will slash his own salary in half as the company embarks on a major restructuring plan that includes cutting 9,000 jobs globally. The move comes amid a turbulent financial year for Nissan, driven by poor sales performance in key markets like China and the United States. Nissan's CEO, Makoto Uchida, voluntarily proposed the drastic salary reduction to show his commitment to steering the company back to profitability.
According to reports from Fox Business, Nissan is facing what Uchida described as a "severe situation." The automaker has been grappling with declining sales and a shrinking operating profit margin, which dropped to 0.5% in the first half of the 2024 fiscal year. To counter these setbacks, the company plans to reduce global production capacity by 20%, restructure its workforce, and cut costs by approximately $2.6 billion through a combination of fixed and variable expense reductions.
