Media and publishing giant Condé Nast is cutting salaries, instituting furloughs and putting a freeze on new hires amid the novel coronavirus pandemic that has decimated the economy.
CEO Roger Lynch outlined the cost-saving measures in a memo sent to staff Monday morning. Lynch, who joined the company in April 2019 from Pandora, will take a 50 percent reduction in salary along with external members of Condé Nast's board.
Staffers who earn more than $100,000 will see their salaries hit by 10 percent to 20 percent, "depending on compensation level," starting May 1 and continuing through the end of September, affecting high-ranking editors and Condé Nast executives like Anna Wintour and titles such asVogue, Vanity Fair, Architectural Digest,.