Creative Artists Agency is enacting pay cuts across the entire company as the coronavirus pandemic continues to wreak havoc across Hollywood and the global economy, Variety has learned. The last do…
Creative Artists Agency is enacting pay cuts across the entire company as the coronavirus pandemic continues to wreak havoc across Hollywood and the global economy,The last domino to fall among the major agencies, the cuts are on progressive basis affecting the highest-paid, a spokesperson said. Agency leaders Richard Lovett, Bryan Lourd and Kevin Huvane will forgo compensation entirely, for the time being.
“In this time of tremendous uncertainty for individuals, businesses, governments and communities, it is incumbent upon us to look closely at what measures help ensurealways remains the strongest company for our employees and clients. Making cost reduction decisions is always a thoughtful and deliberate process for us, never more so than under these extraordinary circumstances,” a CAA spokesperson said in a statement.
“We are implementing, among other actions, a reduction in pay among employees across all levels of the agency, with our highest compensated colleagues shouldering a greater responsibility. We deeply appreciate not only the understanding that employees across the company have demonstrated since this unprecedented global crisis began, but also the remarkable support and compassion colleagues have shown one another, clients, and many in the community in need,” the statement concluded.
While assistant-level employees will see a reduction in paid hours, recent pay increases for assistants will stay in effect. Raises were installed in the weeks following the #PayUpHollywood movement, which demanded better compensation and working conditions for support staff across the industry.
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