Milwaukee-based Jason Industries Inc. is cutting the base salaries of six top executives by 25% from April 1 to June 30, according to a securities filing made Wednesday.
The company also said it is implementing temporary wage reductions for other salaried employees and furloughs for certain salaried and hourly employees as it navigates the coronavirus pandemic.
Jason did not respond to requests for comment on the details of the wage reduction and furlough plans.
The company has two business segments. Its engineered components segments includes the Milwaukee-based Milsco brand, which makes sets for the motorcycle, lawn and turf care, construction and other industrial markets. The industrial segment produces brushes, polishing buffs and compounds, abrasives and roller technology products used in a variety of industrial and infrastructure applications.
As of Dec. 31, Jason had 1,940 employees at 23 locations around the world, including 235 unionized employees in the U.S., 730 in Europe and 370 in Mexico.
The 25% executive pay cuts would apply to Brian Kobylinski, president and chief executive officer, Chad Paris, senior vice president and chief financial officer, Timm Fields, senior vice president and general manager of engineered components, Keith Walz, senior vice president and general manager of industrial, Kevin Kuznicki, senior vice president, general counsel and secretary, and John Hengel, vice president for finance.
The cuts are to last no later than June 30 unless the company and executives mutually agree to extend them further. Based on previous security filings for 2018 salaries, the three-month cuts would range from $14,600 to almost $45,000 for executives with available data.