EVERETT, WA (AP, MyBellinghamNow.com) – Boeing’s CEO says the company will begin furloughing a large number of employees to conserve cash during the strike by union machinists.

Chief Executive Kelly Ortberg said selected employees will be furloughed for one week every four weeks while retaining their benefits. Boeing didn’t say how many people will face rolling furloughs, but the number is expected to run into the tens of thousands. The CEO and other senior executives will also take pay cuts during the duration of the strike.

About 33,000 Boeing factory workers in Renton and Everett began a strike Friday after rejecting a proposal to raise pay by 25% over four years. They want raises of at least 40%, the return of a traditional pension plan and other improvements in the contract offer they voted down.

Company and union representatives met with federal mediators on Sept. 17 to restart negotiations and were expected to meet again on Sept. 18. In a website post addressed to members, the union said it was frustrated by the first day of new talks.

If the walkout does not end soon, Boeing’s credit rating could be downgraded to non-investment or junk status, which would make borrowing more expensive.