Marriott CEO Cuts Salary To $0: Says Coronavirus Is ‘Like Nothing We’ve Ever Seen’
Our economy is in a tailspin and Americans continue to face uncertainly about their health as the coronavirus pandemic appears to be spreading at a rapid pace.
While governors continue to fight the spread with shelter-in-place orders, our criminally idiotic president may want you back to work sooner so his hotels stop losing money.
Luckily, not every business leader is of the Trump variety.
Marriott CEO Arne Sorenson joined a handful of company chief executives in pledging to forgo a salary for the rest of the year in direct response to the devastating fallout from the coronavirus.
“In terms of our business, COVID-19 is like nothing we’ve ever seen before,” Sorenson said. “For a company that’s 92 years old, that’s borne witness to the Great Depression, World War II, and many other economic and global crises, that’s saying something…I will not be taking any salary for the balance of 2020 and my executive team will be taking a 50% cut in pay.”
A message to Marriott International associates from President and CEO Arne Sorenson. pic.twitter.com/OwsF14TZgb
— Marriott International (@MarriottIntl) March 19, 2020
The hospitality industry has been hit the hardest by coronavirus as occupancy rates have nosedived due to various restrictions.
“The principal change we face… the restrictions on travel, gatherings of people, and required social distancing is having an immediate impact by depressing demand for our hotels,” Sorenson said in the video message.
While millions of Americans were laid off and waiting on a so-called “Families First” government stimulus from Congress, it’s somewhat reassuring that not all CEOs are greedy.
Featured image credit: José Carlos Cortizo Pérez/Flickr