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BuzzFeed Cuts Staff Salaries, CEO Jonah Peretti to Forgo Pay During Coronavirus Crisis

Jonah Peretti Coronavirus salaries

07.07.2020 - 01:54

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variety.com

variety.com:

BuzzFeed, hoping to forestall layoffs with an economic downturn of the COVID-19 pandemic already under way, is reducing the salaries of most employees.

CEO Jonah Peretti said he won’t be taking any compensation until the crisis has passed. Peretti announced the salary cuts at a BuzzFeed all-hands meeting Wednesday and provided additional details in a memo, which was obtained by Variety.

The digital-media company’s staffers will see their pay reduced on a sliding scale of between 5% and 25%, depending on how much they earn. “I understand this will be a real hardship for everyone, but our goal is to make it possible for all of us to get through this,” Peretti wrote in the memo.

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