Milwaukee-based Rockwell Automation Inc. plans to give its manufacturing employees a one-time additional payment for their continued work during the coronavirus, even as the company cuts salaries for other employees.
The company did not disclose the size of the payment, but said manufacturing employees would not be subject to other temporary pay reductions.
Those pay reductions include a 25% salary reduction for chairman and chief executive officer Blake Moret, a 15% cut for all senior vice presidents and a 7.5% salary reduction for all other non-manufacturing employees worldwide. Rockwell’s board members also reduced their cash fees by 50%.
The cuts amount to a nearly $623,000 annualized reduction in pay for Moret and the four other named executive officers included in Rockwell’s annual proxy filing, based on 2019 salaries.
The company also expects no pay out for its incentive compensation plans in fiscal 2020 and is eliminating discretionary spending across the organization along with other cost actions at most locations.
Rockwell has around 23,000 employees worldwide with 8,600 in the United States.