With a new CEO in charge and a displeased investor base, top management at Kawasaki Kisen Kaisha (K Line) today revealed they will take a six-month 10% pay cut, effective from the start of last month. The company said in a statement the pay cut was “to clarify our management stance towards recovery of our business performance”.
Yukikazu Myochin took the reins at K Line, Japan’s third largest shipping line, last month.
The company reported a net loss of ¥11bn ($99m) for the full 2018 financial year.
In March, K Line announced a series of “fundamental structural reforms” in a bid to finally get it back into profit. Among the changes announced, K Line said it will focus more on capes within its huge dry bulk fleet with smaller and medium sized ships facing the chop while its car carrier network facing a significant streamlining.