Columbia Sportswear Company’s CEO has essentially eliminated his own salary while regular paychecks continue to go out to employees, including those who work at the company’s temporarily shuttered retail stores.
Tim Boyle, president and CEO of Columbia Sportswear Company, has cut his own pay to $10,000 a year, a company official confirmed, and at least 10 top executives took a voluntary 15% pay reduction.
In the meantime, Columbia Sportswear’s roughly 3,500 retail employees are receiving their regular paychecks under a “catastrophic pay” program.
The sportswear company, with its headquarters in Washington County, closed its brick and mortar retail stores on March 16 in response to the coronavirus pandemic. On Friday, the company announced the closures would remain in effect for at least another two weeks.
“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.
In 2018, the most recent year available, Boyle received total compensation of $3.3 million.
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