Japanese automaker Nissan reported a loss Thursday for the fiscal quarter, prompting the company to announce it is laying off 9,000 people, about 6% of its workforce. Nissan models did not sell well in the US last quarter.

Makoto Uchida, Nissan's CEO, told reporters that he is taking the situation “very seriously.” according to AP— and cutting his salary in half.

Related: Should CEOs take a pay cut to avoid layoffs and job cuts? It's complicated, experts say

Uchida said he was taking a 50% pay cut and the company is cutting its production capacity globally by 20%.

In 2022, Uchida did ¥673 million (about 4.5 million dollars), for the BBC.

“Nissan will restructure its business to become leaner and more resilient,” he added.

Uchida is not the first CEO to cut their pay when business is down.

In 2023, Zoom CEO Eric Yuan cut his salary by 98% between a layoff notice. Later that year, Container Store CEO Satish Malhotra received one voluntary salary reduction of 10%. so that employees could receive merit rewards.

In 2013, the CEO of Nintendo famously halve the salary to avoid layoffs.

Related: Rival Tesla CEO Cuts Pay to $1 to Cover Bankruptcy Costs