Posted by Jack
Caterpillar said executive compensation will decrease up to 50%, compensation for senior managers will be reduced 5% to 35% and other management and support staff will see a reduction between 0% and 15%. Caterpillar did not provide specifics on how much the reductions will save the company.
Additionally, Caterpillar has instituted a hiring freeze and said that it is also offering U.S.-based management and support employees an incentive-based voluntary separation program.
The news is an indication of just how far things have fallen lately. Back in July, Peoria, Ill.-based Caterpillar reported record profits and said it was “producing as much as it can.”