Mexican cement giant CEMEX is to cut senior executives salaries by 25% for a period of 90 days in light of the Covid-19 pandemic.
With effect from 1 May 2020, the CEMEX pay cut includes the managing director, the board of directors, and the executive board.
The firm has also cancelled an operation to repurchase its own shares.
Also, the senior management team has also decided to voluntarily have their salaries reduced by 15% while the remaining staff will have their salaries reduced by 10%.
The deferred amount will be paid in full in December 2020.