Cinemark CEO Mark Zoradi and the theater chain's board of directors are foregoing their entire salaries amid the coronavirus epidemic
Cinemark CEO Mark Zoradi and the theater chain's board of directors are forgoing their entire salaries for the time being amid the coronavirus epidemic, while mandating deep pay reductions for all U.S. corporate employees, the company said Monday.
Among the rank and file, employees will work reduced hours and make no more than 50 percent of their salary. At the same time, they will maintain full benefits. "We are not generating any revenue while theaters are closed, yet still must meet financial and contractual obligations," Zoradi wrote in Monday's note to staff.
The pay cuts are an attempt to retain as many corporate staff as possible. Cinemark's balance sheet is more stable than its two rivals in terms of debt, providing the circuit some cushion.
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