Pac-12 Implements Exec Pay Cuts, Layoffs To Deal With Virus
The Pac-12 is "implementing a series of cost-cutting measures, including pay cuts for executives and layoffs at the Pac-12 Networks," according to Jon Wilner of the San Jose MERCURY NEWS. The moves include a 20% "salary reduction" for Commissioner Larry Scott and 10% "cuts for members of his senior staff in both conference and networks divisions." The cuts will "remain in place for the remainder of the school year, then be revisited this summer." Scott was credited with $5.3M in compensation in the conference’s FY '18 tax returns. Additionally, an internal memo said that the Pac-12 Networks will "reduce its workforce by eight percent as part of 'a new strategic and financial restructuring plan.'" Wilner notes the move is "expected to impact approximately a dozen full-time employees," who were notified yesterday morning. The Pac-12 also is "imposing a hiring freeze across both the conference and network divisions, with exceptions for 'critical functions'" (San Jose MERCURY NEWS, 4/7).