Coronavirus: Dick’s Sporting Goods execs waive salaries
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As Coronavirus ravages much of the retail sector worldwide, the two top executives at one of the biggest suppliers of fishing tackle in the US have opted to forgo their salaries.
Edward Stack and Lauren Hobart, CEO and President respectively of Dick’s Sporting Goods will receive no payment from March 29, other than amounts covering their benefits. In addition, EVP and CFO, Lee Belitsky’s pay will be halved.
Dick’s has also announced reductions in the base salaries of all members of its senior management team, as well as other salaried personnel, by graduated amounts. The Board of Directors has also agreed to a temporary suspension of their retainer fees.
The reduction in fixed costs is being made to help curb the impact of Coronavirus and keep the business and its workers intact.
Dicks, headquartered in Pennsylvania, recently sold some of the stores in its Field and Stream chain. The company has more than 800 retail outlets across 47 states and reportedly has around 10% of the fishing retail market in the US.