Dick’s Sporting Goods CEO, president to defer salaries amid exec pay cuts
Dick’s Sporting Goods is suspending its stock repurchases and implementing pay cuts for salaried employees amid the COVID-19 outbreak.
Starting Monday, March 29, Edward Stack, chairman, CEO and founder of the sporting goods retailer, and Lauren Hobart, president, will receive no salary, according to a filing with the Securities and Exchange Commission.
The base salary of CFO Lee Belitsky's base salary will be reduced by 50%.
In addition, Dick’s is temporarily reducing the salaries of other senior managers and salaried employees by graduated amounts. Retainer fees for the board of directors have been suspended. In 2019, Stack’s base salary was $1.1 million, while Hobart’s base salary was $775,000, according to the chain’s most recent proxy statement.
The retailer is also looking at taking include a "significant" reduction in expenses and planned inventory receipts, and is evaluating its dividend program. But it will pay its regular quarterly dividend of 31.25 cents a share on March 2, to shareholders on March 20.