By  
on  

Vogue Editor-in-Chief Anna Wintour to receive a 20% pay amidst COVID-lockdown

Conde Nast's CEO, Roger Lunch sent a memo to his staff stating pay cuts for staff earning more than $100,000 and reduced hours for the rest, given the financial unrest due in the market to the pandemic. 

In consequence, Anna Wintour, Vogue's editor-in-chief, will be facing a 20% cut effective starting May 1. 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Anna Wintour (@wintourworld) on

 

Recommended read: Postponement is no longer an option: Festival De Cannes will not take place in June due to COVID19 crisis

In a statement, the boss stated, "Companies around the world are all facing similar challenges and responding accordingly,...But that doesn’t make this process any easier.” He himself is taking a 50% cut in his paycheck to ease the crunch faced by the companies. The higher earners reportedly make under half of the company, resulting in a big ripple effect due to this minuscule change.

In his memo, Lynch added that layoffs are a “last option,” but some role eliminations can be expected. Where available, relief programs and stimulus packages will also be explored for those laid off or furloughed.

.

(SOURCE: The Cut) 

 

 

Author

Recommended