Cummins Slashes CEO and Worker Salaries as Key Customer PACCAR Shuts Production
Cummins (NYSE: CMI) is taking drastic measures as the COVID-19 pandemic continues to spread, hitting global trade and economies. In its latest update, the engines manufacturer announced a slew of actions to "lower costs," all of which relate to the compensation it pays to management and workers.
Cummins' moves come at a time when several of its customers, including its largest customer, PACCAR (NASDAQ: PCAR) have extended factory shut downs worldwide.
"The impact from the pandemic on the global economy has been sudden and is growing, and it is imperative for us to respond quickly to maintain our strong financial position," said CEO Tom Linebarger.
Source Fool.com
