Toyota to Cut Pay for Executives as Sales Slump, Nikkei Says

By Toru Fujioka

Jan. 31 (Bloomberg) -- Toyota Motor Corp., the world’s second-largest automaker, will cut salaries for its executives, the Nikkei newspaper reported.

The automaker hasn’t decided when and by how much it will lower compensation, the paper said without saying where it obtained the information.

Toyota already announced plans in December to skip bonuses for board members. The carmaker is forecasting its first loss in 71 years as a stronger yen and sales slump squeeze profits.

To contact the reporter on this story: Toru Fujioka in Tokyo at tfujioka1@bloomberg.net