Daimler CEO Sees ‘Drastic’ Pay Cuts, Deeper Restructuring
- Ola Kallenius says adjustments needed to protect investments
- Virus crisis will force manufacturers to take harsher measures
A worker checks a body shell paint finish on the production line inside the Mercedes-Benz plant in Kecskemet, Hungary, on May 7.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Daimler AG Chief Executive Officer Ola Kallenius said the maker of Mercedes-Benz cars and the industry as a whole face painful cutbacks to overcome the economic fallout of the Covid-19 pandemic.
The virus outbreak will force manufacturers to do more significant restructuring than they had planned before the crisis erupted, Kallenius said Wednesday during a webcast hosted by Germany’s largest labor union, IG Metall.