Columbia Sportswear Co. is the latest company to extend store closures — and company chief Tim Boyle is taking a big salary cut to help the company weather coronavirus impact.
As more CEOS forgo salaries — at least temporarily — Columbia confimed that Boyle, chairman, president and CEO, will cut his pay to $10,000 a year. At least 10 other top executives at the Portland, Ore.-based outdoor firm will also take a voluntary 15% salary reduction.
The Oregonian first reported the moves today.
In 2018, according to SEC filngs, Boyle took home total compensation of $3.3 million. Figures for 2019 have not yet been disclosed. Boyle added the chairman title in January, succeeding his mother, Gert Boyle, who died last November.
Columbia said Friday it would keep North American stores closed through April 10. The company will continue to pay staff during this period. “Out of concern for the health and safety of our employees, customers and their families, we are extending our closure…,” Boyle said in a letter posted on Instagram. “Columbia has been in business since 1938 and has weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community.”
The CEO encouraged consumers to shop on the company’s e-commerce site, and said some facilities remain open to provide customer support.
Last month, prior to the outbreak in the U.S., Columbia said the coronavirus would impact 2020 performance. At the start of the year, it was forced to close stores in China, where the outbreak originated.