Tribune Publishing has announced pay cuts of up to 10% for
nonunion staff who earn $67,000 or more annually, the Chicago Tribune reported.
The pay cuts take effect April 19.
“In the wake of these revenue declines, we
must take drastic actions to better position ourselves for the future,” CEO
Terry Jimenez said in a memo to staff, referencing market change due to
COVID-19.
The change will on a permanent basis lower the
base pay of nonunion employees between 2% and 10%, with those making more
seeing a larger drop. Staff has until April 17 to accept the pay drop or apply
to depart Tribune Publishing and get a severance package, the paper reported.
Tribune Publishing will also seek cost savings with its unionized workers,
Jimenez said in the memo.
Top company executives will see a drop in pay
as well, with Jimenez bypassing two weeks of salary and undergoing a 10% cut in
base pay. Jimenez has a yearly base salary of $575,000, according to an SEC
filing.
Tribune Publishing board members will get a
13.8% cut in their fees, the paper said.
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