By Nina Trentmann
General Electric Co. said senior managers reporting to Chief Executive Larry Culp are giving up portions of their salaries for the rest of the year to help GE employees affected by the coronavirus pandemic.
Senior vice presidents reporting to Mr. Culp pledged to forgo 25% of their salaries, and vice presidents reporting to him will contribute 10%, a spokeswoman for the Boston-based industrial conglomerate said on Wednesday.
GE said most of the money collected would go toward a relief fund designed to help workers and their families affected by the pandemic. Details of the fund, including its ultimate size, are still being worked out, the spokeswoman said.
The pledges follow an announcement last month that Mr. Culp would forgo all of his 2020 pay and that David Joyce, CEO of GE's aviation business, would give up half his salary in response to the pandemic.
Companies across industries have cut executive pay as they laid off or furloughed millions of workers as a result of the pandemic. More than 300 U.S. companies have announced changes to executive salaries through April 14, according to Equilar Inc., an executive and board data firm.
GE said in March its jet-engine business would lay off about 10% of its U.S. workforce, or about 2,500 employees, and that up to half of its maintenance and repair employees would be furloughed for three months.
At the time, GE said the measures, which included a hiring freeze, cancellation of salary increases and a reduction in all nonessential spending, would save $500 million to $1 billion in costs in 2020.
Write to Nina Trentmann at Nina.Trentmann@wsj.com
Corrections and Amplifications
This article was corrected on April 16, 2020 because forgo was misspelled in the headline, second and fourth paragraphs.
(END) Dow Jones Newswires
April 15, 2020 16:26 ET (20:26 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.