CAA Implements Pay Cuts, Top Brass To Give Up Salary For Remainder Of Year

– CAA

CAA is the latest major agency to implement pay cuts for execs while preserving jobs. It informed staff today (April 8) that its top leadership – Richard Lovett, Bryan Lourd and Kevin Huvane – will take no salary for the rest of the year and, while they plan no layoffs, there will be companywide pay cuts of up to 50%, based on a progressive scale, as first reported by Deadline.com and confirmed by Pollstar.

“In this time of tremendous uncertainty for individuals, businesses, governments and communities, it is incumbent upon us to look closely at what measures help ensure CAA always remains the strongest company for our employees and clients,” the company said in a statement to Pollstar. “Making cost reduction decisions is always a thoughtful and deliberate process for us, never more so than under these extraordinary circumstances.

“We are implementing, among other actions, a reduction in pay among employees across all levels of the agency, with our highest compensated colleagues shouldering a greater responsibility. We deeply appreciate not only the understanding that employees across the company have demonstrated since this unprecedented global crisis began, but also the remarkable support and compassion colleagues have shown one another, clients, and many in the community in need.”