iHeartMedia has joined the growing list of companies implementing sizable pay cuts for senior executives amid the upheaval caused by the coronavirus crisis.
Bob Pittman, chairman and chief executive of broadcast giant iHeartRadio, which counts more than 800 stations as well as a formidable digital radio presence, will forego his salary for the remainder of the year and give up his annual incentive bonus, according to a memo first obtained by radio trade tipsheet RAMP and confirmed by Variety.
In 2017, Pittman earned a salary of $14 million with bonuses of $9 million, according to the company’s SEC filings. CFO and COO Rich Bressler as well as members of the senior management team will take reductions in the range of 30% to 70% of their
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