Current Events > CEO of Columbia Sportswear is cutting his salary to $10k to pay employees normal

(+) Yeah! (+)

their normal paycheck

https://www.usatoday.com/story/money/retail/2020/03/30/coronavirus-columbia-sportswear-ceo-tim-boyle-cuts-his-pay-10000/2938202001/

Columbia Sportswear Co.'s CEO Tim Boyle has slashed his pay as the outdoor clothing and shoe company attempts to weather the economic impact of the coronavirus.

The manufacturer and retailer said that Boyle has reduced his pay to $10,000 a year and that at least 10 of the company's top executives have taken a voluntary 15% pay reduction.

Columbia, based in Portland, Oregon, owns brands such as Sorel, Mountain Hardware, Prana and its namesake business. It has closed all its retail stores and said it has not laid off any of its more than 7,000 employees nationwide.
Its roughly 3,500 retail employees are being paid their normal paychecks under a catastrophic pay" plan.

Columbia has been in business since 1938 and weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community, Boyle previously said on a statement on the company's website.

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Good on them.

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Dang, so how much was he getting before where his salary can almost cover 3500 employees
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According to Salary.com he was making $950,532 base pay, $2,338,265 in bonus and non-equity incentive compensation.

I don't know if the pay cut is just to his base pay or everything but that's still a fairly hefty reduction to make sure people are taken care of.

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good man

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There should be a list of companies whose CEOs looked out for their workers so I know where my money should be spent in the future.

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TommyG663513 posted...

There should be a list of companies whose CEOs looked out for their workers so I know where my money should be spent in the future.

My wife received an email from her CEO. They're not getting paid as of this week, which they knew. There are some opportunities where they can be called on to temp fill in somewhere. The CEO said if they call you, and you decline, consider it your letter of resignation. Nice guy. Time for my wife to get a new job.

Good on Columbia, not trying to derail.

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I am sorry to hear that, @bluezero

That's why I posted this, there is so much bullshit going on in the world of politics and business, it was just nice to see one company taking action to try to help its employees.

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Hero

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More CEOs need to do this.

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Hexenherz posted...

he was making $950,532 base pay, $2,338,265 in bonus and non-equity incentive compensation

no person needs to be paid that much money per year

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It's great for employees, but we are all aware this is just a positive PR stunt, right?

CEOs do this all of the time because they make millions annually through other forms of compensation.

Columbia makes good shit.

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Columbia > North Face

The X Dawg posted...

It's great for employees, but we are all aware this is just a positive PR stunt, right?

CEOs do this all of the time because they make millions annually through other forms of compensation.

Corporate altruism done for the wrong reasons is still better than unabashed corporate greed.

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TommyG663513 posted...

There should be a list of companies whose CEOs looked out for their workers so I know where my money should be spent in the future.

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So his salary divided by the company's total number of employees is... $470.

It's a nice gesture but people need to understand that CEO pay has nothing to do with average employee pay. Workers do not make less because the CEO makes more or vice versa.

The X Dawg posted...

It's great for employees, but we are all aware this is just a positive PR stunt, right?

CEOs do this all of the time because they make millions annually through other forms of compensation.

Sort of agree with this. Conduct like this should be the norm. If profits are privatized during good times, it should only be natural that losses are privatized to those same people when things go bad.

Good.

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Broseph_Stalin posted...

So his salary divided by the company's total number of employees is... $470.

It's a nice gesture but people need to understand that CEO pay has nothing to do with average employee pay. Workers do not make less because the CEO makes more or vice versa.

i wouldn't bother on this board

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Broseph_Stalin posted...

So his salary divided by the company's total number of employees is... $470.

It's a nice gesture but people need to understand that CEO pay has nothing to do with average employee pay. Workers do not make less because the CEO makes more or vice versa.

It's not only his salary - other executives took a 15% pay cut as well.

And I guess we should be mocking the directors of this company for trying to take care of their employees, instead of just sending them home and telling them don't bother returning because they're not going to get a paycheck...

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Hexenherz posted...

And I guess we should be mocking the directors of this company for trying to take care of their employees

I literally said it's a nice gesture. I'm just saying your topic title isn't accurate. Cuts to CEO and executive pay can't cover worker pay because companies don't spend anywhere near as much on CEOs as they do regular employees. Like not even close.

Catastrophic pay and normal paychecks is vague. Need to know length of time and how much is actually being paid.

my brother in law was close friends with the founder of Columbia

sadly, he passed away a few years back.

glad to see the ethics of the company still going strong.
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