Hyatt Hotels Corporation (NYSE:H) an American hospitality company headquartered in Riverside Plaza area of Chicago today announced a compensation reductions for the senior leadership team and directors of Hyatt Hotels Corporation.
In the statement delivered to the U.S. Security and Exchange Commision they said that “the compensation reductions will serve as an initial contribution to the Hyatt Care Fund, which has been established to assist colleagues with the most pressing financial needs ” during the coronavirus crisis.
Below is the statement signed by Hyatt CFO Joan Bottarini.
In response to the ongoing COVID-19 pandemic, the senior leadership team and directors of Hyatt Hotels Corporation (the “Company” or “Hyatt”) have agreed to voluntarily reduce their compensation over the coming months.
The compensation reductions will serve as an initial contribution to the Hyatt Care Fund, which has been established to assist colleagues with the most pressing financial needs during this time.
Pursuant to compensation waiver letters entered into with Hyatt (collectively, the “Compensation Waivers”): (i) our Executive Chairman of the Board of Directors, Thomas J. Pritzker, and our President and Chief Executive Officer, Mark S. Hoplamazian, have each agreed to reduce their respective base salaries to zero, (ii) our Executive Vice President, Chief Financial Officer, Joan Bottarini, our Executive Vice President, Global President of Operations, H. Charles Floyd, and our Executive Vice President, Chief Commercial Officer, Mark R. Vondrasek, along with the other members of the Company’s senior leadership team, have each agreed to reduce their respective base salaries by 50%, and (iii) each of the Company’s directors has waived applicable cash retainers, committee fees, and any dividend equivalent payments. The Talent and Compensation Committee of the Board of Directors of the Company approved the Compensation Waivers on March 31, 2020.
Each of these compensation reductions is effective as of April 1, 2020 and will remain to remain in effect (i) for the members of the executive management team, through May 31, 2020 and (ii) for the directors, with respect to compensation earned during the second calendar quarter of 2020, subject in each case to extension of the applicable period by mutual agreement.