Toyota cuts executives' pay and vehicle production

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Toyota cuts executives' pay, vehicle production | detnews.com | The Detroit News

The Japanese automaker said it would cut executive pay by 5 percent in North America and eliminate bonuses for executives and salaried workers. The combined measures would reduce executive compensation between 20 percent and 30 percent.
Toyota also plans further cuts in vehicle production. "Toyota is implementing additional measures at its North American manufacturing plants designed to further reduce production in the midst of the worst automotive slump in decades," the automaker's U.S. manufacturing subsidiary said Thursday in a statement.

"We hope the new measures will help us adjust while protecting jobs," said Jim Wiseman, vice president of external affairs for Toyota Motor Engineering & Manufacturing North America, based in Erlanger, Ky.
"This philosophy of shared sacrifice is the best approach for us, and hopefully will make us a stronger company in the long term."
Toyota has shed most of its temporary workers in North America and other regions, but the company is trying to maintain a long tradition of protecting the jobs of its permanent workers.