Westwood One Announces Pay Cuts
March 24, 2009 at 10:54 AM (PT)
WESTWOOD ONE has announced an across-the-board pay cut for employees among "cost control measures to better align expenses with revenue." The cuts will be based on a sliding scale and will be determined by an employee’s compensation level. Senior management will incur the highest percent decrease in base salary, with a reduction of 15%.
"Our turnaround plan calls for reducing operating expenses so that we can emerge from these difficult economic times a stronger Company that is better positioned for future growth," said President and CFO ROD SHERWOOD. "This is an ongoing process, and we are asking every member of the Company, from senior management to staff employees to share in this effort to help improve the Company’s performance over the long term. We appreciate the many contributions our employees, unions and partners have made and continue to make to WESTWOOD ONE. Once we have aligned our cost structure with our revenue trajectory, we will have strengthened the financial health of the Company and better positioned the Company for future success."