FINDLAY TOWNSHIP, PA - Dick's Sporting Goods is dramatically cutting executive salaries as the Findlay-based retailer weathers the coronavirus outbreak.
In an Securities and Exchange Commission filing, the company announced CEO Edward Stack and President Lauren R. Hobart, will receive no salary other than an amount covering benefits provided by the company beginning March 29. The salary of chief financial officer Lee Belitsky will be cut by 50 percent.
According to a company proxy statement, Stack's base salary was $1.1 million last year, while Hobart's was $775,000 and Belisky's was$686,000.
Additionally, the base salaries of all other members of the senior management team were temporarily reduced by graduated amounts. Dick's board of directors has agreed to temporarily suspend its retainer fees.
Dick's also is significantly reducing its planned capital expenditures, temporarily suspending its share repurchases and evaluating its dividend program.