Yum Brands' CEO is giving up his salary in order to give out bonuses to managers, who have kept working through the Coronavirus pandemic.
CEO David Gibbs will be redirecting his $900,000 salary to the pockets of 1,200 general managers working at various locations of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill.
“We can do things like we just did in the United States, which is providing a grace period for our franchises on their royalties or suspend capital investments for them so they can have the cash to get through this crisis,” Gibbs told CNBC.
The money will also be going to the Yum Brands Foundation Global Employee Medical Relief Fund, which is meant to give financial hardship grants to employees suffering from the virus and all the damage caused by it, including those who are treating the infected.
Yum Brands will also be putting a halt on its $2 billion share buyback program, and other restaurants’ CEOs are following suit by either cutting their salaries or forgoing them to help their employees out.
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