Columbia Sportswear CEO Slashes Salary to $10,000 in Order to Pay Employees Amid Coronavirus Crisis

As the coronavirus has forced large portions of the economy to shut down, a historic number of Americans have filed for unemployment.

But, Columbia Sportswear is taking steps to pay its employees in the upcoming weeks. The company’s president and CEO, Tim Boyle, decreased his salary to $10,000 a year, The Oregonian reports.

The paper reports that Boyle received a total compensation of $3.3 million in 2018.

Additionally, the company said that at least 10 company executives took a 15% pay cut to help ensure their employees can receive their regular pay.

The Washington state based sports apparel company announced on March 15 that it would close its retail stores for 11-days.

But, in a new statement, the company said that its stores would remain closed until April 10.

“We are extending our closure of all of our North American brick and mortar stores until April 10. Our retail employees will continue to be paid during this period of time, and we hope to have them back at work soon.”

The statement continued, “Columbia has been in business since 1938 and has weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community.”

Other chief executives have taken similar measures to make sure that their employees receive their regular pay. Texas Roadhouse CEO and found Kent Taylor said he would give up his entire salary so that his employees could be paid.