CEMEX Asks Employees to Take Reduced Pay

CEMEX has asked employees to voluntarily defer payment of 10% of their salaries for three months, part of a raft of measures to combat the impact of the coronavirus, reported Reuters.

Members of its senior management team have been asked to give up 15% of their pay for the period which starts May 1, the company said in a statement. CEMEX’s Chairman Rogelio Zambrano Lozano, CEO Fernando A. González and other top executives have agreed to give up 25% of their salaries and fees over the 90-day period.

CEMEX said it would also reduce or suspend investments unrelated to the pandemic in addition to trimming inventory in all markets, in line with weaker demand. The company has also scrapped its 2020 dividend.

“CEMEX anticipates that construction activity will be impacted for some time in most markets where CEMEX operates,” the company said.

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