Tim Boyle, president and CEO of Columbia Sportswear, will be reducing his annual salary to $10,000. The company plans to continue to offer regular pay its employees, including those at stores, during the COVID-19 pandemic.
Boyle’s total compensation was $3.3 million in 2019. A spokesman told The Oregonian that a least 10 top executives took a voluntary 15 percent pay reduction as well.
The decision follows Columbia’s announcement last Friday that it would be extending the closure of all its stores in North America until April 10 due to safety concerns amid the outbreak.
“Columbia has been in business since 1938 and weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community,” reads a statement on the company’s website.
Photo courtesy Columbia Sportswear