Atlanta-Floor & Decor reported Thursday its top executives will be taking temporary pay cuts due to the coronavirus pandemic.
According to Bizjournal.com, the retailer reported that beginning today, March 27, CEO Thomas Taylor will receive no salary other than an amount covering benefits provided by the company. In 2019, Taylor received an annual salary of $950,000, according to bizjournals.com.
The base salary of Lisa G. Laube, president, and Trevor S. Lang, executive vice president and chief financial officer, will be reduced by 50 percent. In 2019, Laube received an annual salary of $505,000 and Lang of $435,000, bizjournals.com reported.
In addition, Floor & Decor reported that the base salaries of all other members of its senior management team, as well as other salaried teammates, were temporarily reduced by graduated amounts. The company’s board of directors has also agreed to a temporary suspension of its retainer fees.
The reductions are “in response to the current business environment as impacted by the evolving novel coronavirus (COVID-19) pandemic.”
Floor & Decor, which operates 120 warehouse-format stores across 30 states, on March 21 limited its store hours because of the coronavirus pandemic to be open for only pickup of online, phone or app orders. Floor & Decor posted sales of $2 billion in 2019.
Several other top execs at large metro Atlanta companies have announced they will take pay cuts because of the business impact of the coronavirus pandemic.
This story originally appeared on bizjournals.