Reuters – Want your pre-pandemic pay back? Work for it, Meritor tells staff
June 19, 2020
by Jessica DiNapoli
Meritor Inc employees and executives who saw their salaries slashed in the wake of the COVID-19 pandemic can recoup lost pay for this year as long as the company meets new performance targets, the trucking parts supplier said this week.
The Troy, Michigan-based company is one of the first to roll out such a plan after imposing pay cuts of up to 60% for its top brass and staff. It shut down production at most of its manufacturing plants in March amid a global freight downturn due to the coronavirus pandemic.
Marc Hodak, a partner at Farient Advisors LLC, said shareholders may support the incentive program should Meritor’s shares improve.