Yamaha Motor Co., Ltd. announced that “severe business conditions” have resulted in a pay cut for company directors, executive officers and managers.
That means Yamaha directors will receive no bonuses and a 10 percent-20 percent reduction in monthly pay; executive officers will receive no bonuses and a 10 percent reduction in monthly pay; and managers will have to take a 5 percent reduction in monthly pay. Yamaha also accepted the corporate auditors' offer to forgo 15 percent of their monthly compensation.
As of last Dec. 24, there were 23 executive officers, 12 directors and four corporate auditors. The cuts remain effective from February through the end of fiscal 2009 (Dec. 31).
- Submitted by Guido Ebert