Hilton CEO forgoing salary as part of company's coronavirus response

Hilton CEO forgoing salary as part of company's coronavirus response

Hilton announced additional cuts in response to the coronavirus pandemic Thursday.

The hotel and resorts global chain announced in a news release that president and CEO Christopher Nassetta will forgo his salary for the rest of the year and the company's executive committee will take a 50% pay cut "for the duration of the crisis."

Many of the corporate team's reduced schedules or furloughs of up to 90 days, which were announced March 23, will begin April 4, the release detailed. Corporate team members not furloughed will have their pay reduced by up to 20%

"With travel at a virtual standstill, operations have been suspended across many managed and franchised hotels, and those hotels that remain open have reduced services for guests because of decreased occupancy levels," the company said.

In 2018, Nassetta's salary was $1.25 million and he also received performance-related compensation.

The company announced Monday it would furlough workers as opposed to laying them off. The company has approximately 60,000 direct employees in its corporate offices and hotels in the U.S. and 200,000 more through franchise hotels.

"The COVID-19 pandemic has been tough on the travel industry, but Hilton continues to deliver hospitality even during this crisis," the company said in the release, noting hotels have been donating excess food to local pantries.

Hilton is also assisting local and national governments to provide housing for first responders and health care workers, according to the release.

Hyatt Hotels announced a series of cuts Wednesday, which include CEO Mark Hoplamazian and Chairman Tom Pritzker are giving up 100% of their salaries, while the rest of Hyatt's senior executives are taking 50% salary cuts through May.

Contributing: Josh Rivera and Nathan Bomey

Source: https://www.usatoday.com/story/money/2020/03/26/coronavirus-furloughs-job-cuts-hilton-ceo-forgoing-salary/2922894001/

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