Boeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees on Wednesday.

As Boeing's machinists continue to strike, furloughs and pay reductions are in store for the rest of the company.

Boeing is furloughing tens of thousands of workers amid a major machinist strike. Last week, 96% of the 33,000 Boeing machinists voted to reject a new contract and instead strike. Though negotiations have continued,