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 per cent.
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 $1.1M, while Hobart’s base salary was $775,000.