Columbia Sportswear CEO reportedly cuts his own salary to pay employees amid COVID-19 closures
WASHINGTON - The CEO of Columbia Sportswear has reportedly cut his own salary while retail employees will continue to be paid during the mass business shutdowns implemented to slow the spread of the COVID-19 outbreak.
According to the Oregonian, Tim Boyle, the president and CEO of Columbia Sportswear Company, cut his own pay to $10,000 a year while several company executives took voluntary 15-percent pay reductions.
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Meanwhile, the company put out a statement saying that regular employees can still expect a paycheck during the COVID-19 crisis that left millions out of a job overnight.
“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,” said the company in a statement.
Columbia, sportswear company, clothing, Seattle, Washington (Getty Images)
Boyle joins a list of several CEOs cutting salaries and major companies making payroll in order to give some financial ease to employees forced to stop working due to the spread of the novel coronavirus outbreak.
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On March 7, Brad Tilden and Ben Minicucci, the CEO and president, respectively, of Alaska Airlines reduced their base salaries to $0, according to the company.
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Starbucks also announced it would pay its employees for at least the next 30 days after the company closed many of its stores.