Conde Nast's CEO, Roger Lunch sent a memo to his staff stating pay cuts for staff earning more than $100,000 and reduced hours for the rest, given the financial unrest due in the market to the pandemic. 

In consequence, Anna Wintour, Vogue's editor-in-chief, will be facing a 20% cut effective starting May 1. 

 

 

 

 

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A post shared by Anna Wintour (@wintourworld) on Apr 14, 2020 at 10:38am PDT

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In a statement, the boss stated, "Companies around the world are all facing similar challenges and responding accordingly,...But that doesn’t make this process any easier.” He himself is taking a 50% cut in his paycheck to ease the crunch faced by the companies. The higher earners reportedly make under half of the company, resulting in a big ripple effect due to this minuscule change.

In his memo, Lynch added that layoffs are a “last option,” but some role eliminations can be expected. Where available, relief programs and stimulus packages will also be explored for those laid off or furloughed.

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(SOURCE: The Cut)