Some CEOs are giving up their salaries to help stop coronavirus layoffs

As the country responds to the coronavirus pandemic with citywide lockdowns and en masse social distancing, numerous businesses have closed, and millions of Americans are out of work. We’re in the midst of an economic crisis as well as a health crisis. One response, as companies work to figure out what path to take, is…

Some CEOs are giving up their salaries to help stop coronavirus layoffs

As the country responds to the coronavirus pandemic with citywide lockdowns and en masse social distancing, numerous businesses have closed, and millions of Americans are out of work. We’re in the midst of an economic crisis as well as a health crisis. One response, as companies work to figure out what path to take, is CEOs cutting their own pay to help protect companies from layoffs or closure.From the airline industry to hotels to gyms, CEOs have announced that they are taking partial or full pay cuts. Delta CEO Ed Bastain said in a company-wide memo that he has cut his own salary “by 100% through the next six months,” and that the members of the board of directors have elected to forgo compensation over that time period as well. Others in the airline industry have announced similar declarations, including Alaska Air, United, and Allegiant.Marriott CEO Arne Sorenson said in a message to associates that he is giving up his salary for the remainder of the year, and cutting the pay of senior management in half. Also suffering from lost hotel revenue, Hyatt announced that its CEO, Mark Hoplamazian, and board chairman Tom Pritzker are forgoing their salaries through May. Lyft cofounders John Zimmer and Logan Green said they would donate their salaries to their company’s efforts to support drivers during this crisis, and Bahram Akradi, CEO of Life Time, which has 152 health clubs across North America, along with the company’s lead
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