Nissan Motor will cut 9,000 jobs and 20% of its global manufacturing capacity, the automaker said Thursday, as it scrambles to reduce costs by $2.6 billion in the current fiscal year amid a sales slump in China and the U.

Nissan President and CEO Makoto Uchida volunteered to immediately begin forfeiting half of his monthly compensation, and other executive committee members also volunteered to take pay cuts.

The Japanese automaker is carving deep cuts in its global operations as it struggles with a steep drop in sales.