Five top executives at Wauwatosa-based Briggs & Stratton Corp. will take a combined annualized $1 million cut in their base salaries in response to the coronavirus pandemic.
The maker of engines and lawn and garden products also said it has implemented a wage reduction plan for other salaried employees at the company.
The largest pay cut will be for Todd Teske, chairman, president and chief executive officer of Briggs. His base salary will go down by 40%. Teske had a base salary of $963,000 in fiscal 2019, which would make his pay cut equal to $385,200 annually.
The cuts, however, start on April 1 as Briggs heads into its fourth quarter, meaning the total pay reduction for this fiscal year will be lower. The company also did not specify how long the reductions would be in place.
In addition to Teske, the company’s chief financial officer, Mark Schwertfeger, and the presidents of its engines and power, support, and turf and consumer products businesses, all took 35% reductions in their base salaries. Those cuts range from $139,000 to $170,000 on an annualized basis.
In addition to the executive pay cuts, Briggs announced its non-employee directors had agreed to forego their next quarterly cash retainer fees. Those directors were paid $95,000 in cash last year for their board service, suggesting a quarterly payment of $23,750.
