NXP executives accept pay cuts

NXP Semiconductors announced that all seven members of its management team and nine non-executive directors of the board have proposed and accepted a 25 percent reduction in base pay. This includes current CEO Richard Clemmer, president and soon-to-be CEO Kurt Sievers and CFO Peter Kelly. The reduction is effective as of 1 April until further notice.

Last week, newspaper NRC reported Dutch companies didn’t yet see a need to reduce the salaries of their directors because of the corona crisis. The companies that do are the exception. Industrial group Aalberts, for example, did announce that the salaries of its executive board and supervisory board members will be reduced by 20 percent.

NXP wants the measure to speak for itself and refrains from commenting.