On Tuesday, the Board of Directors approved my recommendation to reduce my base salary by 20 percent and the base salaries of other Management Committee membersAlso:
by 15 percent, effective immediately. In addition, all full-time employees making more than $25,000 per year will have reductions in base salary as follows:
Base Salary % Reduction
$25,000 and under 0 %
$25,001 - $74,999 2.5 %
$75,000 - $102,499 5.0 %
$102,500 - $149,999 7.5 %
$150,000 - $225,000 10 %
Over $225,000 15 %
These changes will be effective starting in the payroll cycles on or near May 1. The annual savings represented by these reductions exceed $10 million.
To cushion the impact of the wage cuts, all impacted employees will receive three additional personal days per calendar year, effective at the time of the salary reductions.
So no furloughs at this point? There may be another shoe to drop, though. The letter ends: "I will communicate with you again soon."