Jeff Shell Implements 20% Pay Cut for His Executive Team, Rolls Back Salary Raises

NBCU CEO already donating his entire salary to charity

Last Updated: May 5, 2020 @ 11:12 AM

NBCUniversal became the latest media company to institute pay cuts for its highest-salaried employees, instituting a 20% pay cut for top management. The company will also roll back raises for those making more than $100,000.

The top leadership team, which reports directly to NBCU CEO Jeff Shell, unanimously agreed to the pay reductions, an individual with knowledge of the decision told TheWrap. Like all other media companies, NBCUniversal is trying to weather the economic impact from the coronavirus pandemic, which has benched its film division’s box office prospects and shuttered its theme parks. The raises were around 3% and were received in March.

Shell, who tested positive for the virus in April, had previously announced he would donate his entire salary to charity. Joining him in that effort are other top Comcast executives including CEO Brian Roberts.

During Comcast’s earnings call last week, Shell hinted potential cuts would be coming, describing the company as not being “right sized” for the current environment, given economic havoc brought on by the pandemic. For now, NBCU hopes the salary cuts will help to avoid major layoffs. The pay cuts also come one day after Shell implemented a company-wide reorganization that saw Mark Lazarus gain oversight of NBCU’s entire entertainment TV business, including Peacock, and the departure of NBC News chairman Andy Lack.

The Wall Street Journal first reported the pay cuts.

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