iHeart Decrees Two Weeks Unpaid Vacation
A staff memo from iHeartMedia Chairman & CEO Bob Pittman (below, left) and Pres./COO & CFO Rich Bressler (below, right) reads, in part, “We’ve had to make some difficult decisions which you’re aware of to address the economic impact on our company, and we have done our best to find ways to reduce that impact while avoiding layoffs. Unfortunately, the longer-than-anticipated shutdown of businesses means that we must do more, with the goal of keeping our business healthy while still avoiding permanent layoffs.
The memo continues, “Please know we did not make this decision lightly. And it was a tough decision; we had hoped that business would return sooner, and we had also wanted to contain the financial sacrifice to the senior management ranks and those who voluntarily joined us in compensation reductions.”
In closing, Pittman & Bressler said, “We look forward to, and hope for, an upturn in our critical advertising revenue as businesses begin to gradually return. Finally, we want you to know how much we value and appreciate how well you’ve adjusted to our temporary work-from-home environment and the contributions you are making to help our company, our communities and our colleagues through these tough times. Thanks. Bob and Rich.”