Columbia CEO Cuts Salary to Continue Paying Employees

cover photo :: Courtesy of The Oregonian

As businesses lay off employees by the millions in response to an economic shutdown, one brand has taken a bold step. Columbia Sportswear announced that they will continue to pay all retail employees through the COVID-19 disaster, an admirable move during a time of crisis.

According to one source, CEO and Owner Tim Boyle made around $3.3 million last year—this year, his pay will be cut to $10,000.

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After closing all their brick and mortar stores across North America on March 16, the company continued to pay roughly 3,500 retail employees under a ‘catastrophic pay’ program, and this move signifies the paychecks will keep flowing.

Along with a pay cut for Boyle, top executives took a voluntary 15% per cent pay cut to help prop up the company during these tough times. An admirable move by a long-standing outdoor brand that we’ve long been fans of—good on you, Columbia! —ML

 

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