Greenwich, Conn. — United Rentals cut CEO Michael Kneeland's base salary by 20 percent at his own request, wanting to “lead by example” since he has asked employees to reduce costs and accept significant staff cuts.

“He believed that he should lead by example and share some of the economic burden through a reduction in his base salary,” the company said in a regulatory filing.

United Rentals this week announced further cost cuts, including a moratorium on merit increases for salaried employees and a reduction of matching contributions to retirement plans, the company said in the filing.

Kneeland's salary was cut to $600,000, effective Jan. 1. The cut does not affect bonus targets and severance pay.