The COVID-19 Pay Cut

Fashion chiefs are accustomed to big pay days — often with much of their compensation coming in the form of bonuses and options — but they’re taking cuts along with their workers during the COVID-19 crisis. The exact details of compensation won’t become clear for some time, but many are seeing no salary for now. Some have committed to foregoing pay for the duration of the crisis and some are taking cuts for the full year.
salary reduction Salary Last Year
Diego Della Valle chairman Tod’s SpA -100% 1.8 million euros
Manny Chirico * ceo and chairman PVH Corp. -100% $1.5 million
Michelle Gass ceo Kohl’s Corp. -100% $1.4 million
John Idol ceo and chairman Capri Holdings -100% $1.4 million
Jeff Gennette ceo and chairman Macy’s Inc. -100% $1.3 million
Leslie Wexner ceo and chairman L Brands Inc. -100% $900,000
Chip Bergh ceo Levi Strauss & Co. -50% $1.4 million
Fabrizio Freda ceo and president The Estée Lauder Companies Inc. -50% $2 million
Fran Horowitz ceo Abercrombie & Fitch Co. -50% $1.3 million
Steve Rendle ceo and chairman VF Corp. -50% $1.2 million
François-Henri Pinault ** ceo and chairman Kering -25% 1.2 million euros
Source: Company reports. * According to Chirico’s May 2019 contract. ** For the fixed portion of Pinault’s pay.