Beiersdorf top managers to waive 20% of fixed pay until December

BERLIN (Reuters) – Top managers at Nivea-maker Beiersdorf are waiving 20% of their fixed compensation between April and December, Chief Executive Stefan De Loecker said on Wednesday, adding that the level of management below them was also foregoing 5% of its pay.

De Loecker said the company needed to make cost cuts due to the coronavirus pandemic and the resulting expected decline in sales. He said the company’s solidarity pact in response to coronavirus includes securing employment during the crisis.

(Reporting by Michelle Martin; Editing by Riham Alkousaa)