By Jessica Sier

Daimler AG executives will take a 20% pay cut to assist the German car maker in lowering costs in response to the coronavirus crisis, the company said on Friday.

All members of both the management board and supervisory board will waive 20% of their basic remuneration until the end of 2020, Daimler said in a statement.

The Stuttgart-based company also agreed to reduce senior executive pay by 10% for the next three months.

Daimler plans to start short-time work, a measure which sees workers' hours reduced while pay is partially covered by the government, for German staff on April 6.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

April 03, 2020 07:12 ET (11:12 GMT)

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