Without going as far as Tim Boyle at Columbia Sportswear, Steve Rendle, chairman, president and chief executive of VF Corp., has pledged to cut his compensation in half for the next four months to help save cash for the fight against the coronavirus outbreak. Boyle, president and CEO of Columbia, has cut it to only $10,000 for all of 2020, but then he is also the main shareholder of the company.
On the other hand, the members of VFs executive team will see their salaries cut by 25 percent for the period, while ten top executives of Columbia have voluntarily taken a 15 percent pay cut.
Meanwhile, VF’s employees will continue to get their full compensation at the company’s head offices and retail stores in North America and the EMEA for the same four-month period while they stay confined at home, until at least May 3.
VF has decided to draw down on the balance of $1 billion still available on its senior unsecured revolving credit facility to help weather the coronavirus crisis.
Separately, the VF Foundation will donate $1.5 million to Covid-19 relief efforts and match contributions of up to $500,000 made by employees and consumers through a dedicated page on the websites of Vans, The North Face and Timberland. The group will also donate 60,000 gloves to healthcare professionals in its home state of Colorado.
Foto: Tim Bolye (left) © Columbia Sportswear, Steve Rendle (right) © VF Corp.