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iHeartMedia’s Bob Pittman Foregoes Salary as Company Furloughs Employees

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iHeartMedia has joined the rising checklist of corporations implementing sizable pay cuts for senior executives amid the upheaval brought on by the coronavirus disaster.

Bob Pittman, chairman and chief government of broadcast big iHeartRadio, which counts greater than 800 stations in addition to a formidable digital radio presence, will forego his wage for the rest of the yr and quit his annual incentive bonus, based on a memo first obtained by radio commerce tipsheet RAMP and confirmed by Selection. In 2017, Pittman earned a wage of $14 million with bonuses of $9 million, based on the corporate’s SEC filings.

CFO and COO Wealthy Bressler in addition to members of the senior administration group will take reductions within the vary of 30% to 70% of their complete compensation for the rest of 2020. A 90-day furlough with out pay has been mandated for an extra unknown variety of staff.

Further cutbacks embody “strict limitations on — or full elimination of — journey and leisure bills; short-term suspension of 401(ok) match and new raises; and no additional time with out pre-approval.

Of the furloughs, the manager emphasize: “This isn’t a layoff or a discount in power. With a furlough, whereas it’s an unpaid go away of absence, the affected staff keep in our make use of, permitting us to proceed providing these staff full well being advantages, and we need to make certain we maintain them as greatest we will throughout this time. And with state unemployment advantages, supplemented by the added particular advantages which might be a part of the brand new federal stimulus laws, hopefully these staff won’t really feel any important monetary influence throughout this restricted time frame.”

COPYRIGHT_BP: Published on https://bingepost.com/iheartmedias-bob-pittman-foregoes-salary-as-company-furloughs-employees/79687/ by Cecilia Jones on 2020-03-31T00:38:13.000Z

As managers, wrote Pittman and Bressler, “we’ve by no means needed to make tougher choices.”

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About The Authors

Cecilia Jones

Cecilia Jones - Cecilia Jones loves to write about movies, music, and the most popular and exciting news.

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