The COVID-19 Pay Cut |
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| Fashion chiefs are accustomed to big pay days — often with much of their compensation coming in the form of bonuses and options — but they’re taking cuts along with their workers during the COVID-19 crisis. The exact details of compensation won’t become clear for some time, but many are seeing no salary for now. Some have committed to foregoing pay for the duration of the crisis and some are taking cuts for the full year. | ||||
| salary reduction | Salary Last Year | |||
| Diego Della Valle | chairman | Tod’s SpA | -100% | 1.8 million euros |
| Manny Chirico * | ceo and chairman | PVH Corp. | -100% | $1.5 million |
| Michelle Gass | ceo | Kohl’s Corp. | -100% | $1.4 million |
| John Idol | ceo and chairman | Capri Holdings | -100% | $1.4 million |
| Jeff Gennette | ceo and chairman | Macy’s Inc. | -100% | $1.3 million |
| Leslie Wexner | ceo and chairman | L Brands Inc. | -100% | $900,000 |
| Chip Bergh | ceo | Levi Strauss & Co. | -50% | $1.4 million |
| Fabrizio Freda | ceo and president | The Estée Lauder Companies Inc. | -50% | $2 million |
| Fran Horowitz | ceo | Abercrombie & Fitch Co. | -50% | $1.3 million |
| Steve Rendle | ceo and chairman | VF Corp. | -50% | $1.2 million |
| François-Henri Pinault ** | ceo and chairman | Kering | -25% | 1.2 million euros |
| Source: Company reports. * According to Chirico’s May 2019 contract. ** For the fixed portion of Pinault’s pay. | ||||