The coronavirus pandemic has resulted in mass layoffs across nearly every industry, from airlines to hospitality to restaurants.
In order to combat this huge economic loss, companies have also started to pause the hefty checks that their executives are receiving.
“For a company that’s 92 years old, that’s borne witness to the Great Depression, World War II, and many other economic and global crises, that’s saying something," CEO Sorenson said." I will not be taking any salary for the balance of 2020 and my executive team will be taking a 50% cut in pay."
Yum! Brands (YUM) - Get Report also announced that its CEO, David Gibbs, will forego his 2020 salary to give $1,000 bonuses to restaurant general managers.
Some projections see the U.S. unemployment rate surpassing 30 percent.
To see a list of other CEOs who are forgoing their salaries, watch the video above.
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