ITV’s board and senior management have announced that they intend to take a 20% pay cut and forgo their 2020 bonuses as the coronavirus crisis rocks the global entertainment industry.
In a statement to investors, ITV said top executives including CEO Carolyn McCall, chairman Peter Bazalgette and CFO Chris Kennedy asked to have their salary reduced for the duration of the government-imposed lockdown. Non-executive directors will also take a 20% pay cut.
ITV added that if the lockdown continues beyond June 30, the remuneration committee will review the matter again. “ITV’s priority is to protect its people, while striving to ensure that it continues to keep viewers informed and entertained through delivering the news and programmes its viewers value and love to watch,” the company said.
McCall’s base salary stood at £923,000 ($1.1M) last year, while she took home a bonus of £1.4M in cash and shares. Bazalgette earnt £450,000 in his role as chairman in 2019, while non-execs pocket between £70,000 and £95,000.
McCall is not the only UK broadcasting CEO sacrificing her pay during the coronavirus pandemic. Sky boss Jeremy Darroch is donating nine months of his salary to COVID-19 relief charities. “This is a time for everybody across the country to do their bit and make a difference where they can,” Darroch said.