June 19, 2020
Reuters – Want your pre-pandemic pay back? Work for it, Meritor tells staff
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.