In a gesture of solidarity, Uber’s CEO and board of directors have given up their cash salaries for 2020 as the company cut nearly 7,000 workers

This story is available exclusively on Business Insider Prime. Join BI Prime and start reading now. On May 6, when Uber announced its first mass layoff this month, CEO Dara Khosrowshahi announced he was no longer taking his cash salary for the rest of the year.Khosrowshahi is paid $1 million a year.On May 18, when…

In a gesture of solidarity, Uber’s CEO and board of directors have given up their cash salaries for 2020 as the company cut nearly 7,000 workers

This story is available exclusively on Business Insider Prime.
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On May 6, when Uber announced its first mass layoff this month, CEO Dara Khosrowshahi announced he was no longer taking his cash salary for the rest of the year.Khosrowshahi is paid $1 million a year.On May 18, when Uber announced its second mass layoff this month, Uber’s board joined him and said they would forgo their cash retainers for the rest of the year.While these gestures are mostly symbolic — as Khosrowshahi earns most of his money in stock and the board gets paid in stock, too — they are still meaningful.Visit Business Insider’s homepage for more stories.

On Monday in a heartfelt email, Uber’s CEO Dara Khosrowshahi announced round two of a massive layoff that has slashed Uber’s workforce by 25% this month.”I am truly sorry. I know this will cause pain for you and your families, especially now,” he wrote. “You’ve heard me say it before: hope is not a strategy. … Ultimately, I realized that hoping the world would return to normal within any predictable timeframe, so we could pick up where we left off on our path to profitability, was not a viable option.”The interesting thing is, he put his money where his heart was.In a worthy gesture, Khosrowshahi announced on May 6 that he was giving up his cash salary for the remainder of the year, the same day that Uber laid off 3,700 employees. He is paid $1 million a year, but the new employment letter was signed May 2. So that likely means, he was giving up 7 months worth of salary, or about $580,000, according to our back-of-envelope calculations.

On Monday, as the company announced it was cutting an additional 3,000 jobs, the board of directors joined him in the same gesture. Uber announced that all 10 directors agreed to give up their annual cash retainer for serving on th
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