Simmons Cuts Executive Salaries by 20% and Raises Employee Salaries by 5.9%

Simon An, CEO of Simmons

[Asia Economy Reporter Choi Dong-hyun] Simmons announced on the 6th that it will undertake intensive emergency management measures, including voluntary salary cuts by its executives.

In the era of the ‘three highs’?high inflation, high exchange rates, and high interest rates?amid an overall crisis with rising raw material prices, logistics costs, and labor costs, 16 executives led by CEO An Jeong-ho have voluntarily cut their salaries by 20%, entering an emergency management system. This period will be temporary until the emergency management system ends.

This measure is another self-help strategy by Simmons, which froze product prices again this year to avoid passing the burden onto consumers amid the recent economic downturn.

This self-help plan expresses a strong determination to overcome the crisis together by sharing the pain with consumers living in the same era, all struggling due to economic recession and inflation.

Except for the executives, Simmons increased the average salary of all employees by 5.9% compared to the previous year. Additionally, performance bonuses for 2022 will be paid before the Lunar New Year holiday. Over the past five years, Simmons has steadily invested in talent, doubling its workforce from about 270 to approximately 640 employees during this period.

This content was produced with the assistance of AI translation services.