Kvaerner’s management cuts own salaries

Kvaerner’s management cuts own salaries

Kvaerner is implementing a broad range of precautions to mitigate the effects of the covid-19 virus. Focus is on protecting life and health for people in Kvaerner, at our business partners and in the societies around us. In addition, the company works to reduce the effects on ongoing operations and future business opportunities.

Kvaerner’s Executive Management Team has decided that their own fixed salaries will be reduced by five percent from 1 April through 2020. Kvaerner’s CEO Karl-Petter Løken last week asked to have his salary reduced. In addition, the CEO and the entire executive management have also agreed that their variable pay program for 2020 will be cancelled. In total, this represents reduced earnings of more than 40 percent for each manager in 2020, compared to their earnings in 2019.

Kvaerner is working to reducing costs in several areas. The company has also placed approximately 30 employees on temporary leave and expects to increase this number over the coming weeks.

“The global situation is extraordinary. I believe that all of us in Kvaerner, on all levels, now want to contribute to keep Kvaerner robust and ready to execute projects and secure jobs after this crisis. Kvaerner realises values for clients and for shareholders, and builds societies. Hence, we are very aware of the responsibility we have to safeguard the operations and simultaneously contribute to that the communities around us get through this time as well as possible” says Karl-Petter Løken.

Source / More information : Kvaerner

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