And knowing how hard everyone continues to work under these unusual circumstances, we’ve decided to continue summer half-day Fridays through September 25. Account active In a memo to employees on March 18, Allegiant laid out a strategic plan of operations during the pandemic. We will be sharing more details on that over the next 24 hours. Companies across the US are grappling with the sudden financial stress caused by the pandemic and taking measures to mitigate the inevitable blow it will have on business. Do you have a personal experience with the coronavirus you'd like to share? The most important thing we can do right now is continue to manage UTA carefully, deliberately and day-by-day. All Rights reserved. We know this has been a difficult time and I’m pleased to share that time is over. The stories dominating banking, business, and big deals. "In addition to aggressive cost-cutting measures, this includes asking our colleagues at every level to take pay reductions, structured so our most senior colleagues make the largest financial sacrifice.". | Cookie Settings. The decision is thought by insiders to be a better alternative to the outright layoffs enacted by Paradigm Agency last Friday, which could result in up to 100 pink slips in a company of about 700 employees, Variety previously reported. I have some very positive updates to share for most of our colleagues, as well as some additional news unfolding today that is more difficult. Screen understands there have been no lay-offs. It’s always a difficult decision to make. "While we do not know what the future holds, we are committed to being candid and transparent about where things stand as we navigate these uncharted waters together.". Additionally, Zimmer, Sures … Effective two weeks from now, on September 16, we will fully reinstate salaries for all of our colleagues. The furloughed workers won’t be brought back immediately, but the 50 person layoff is a downsizing move as the agency remakes itself for the future. We’ve been able to manage through this period as well as we could have hoped—in great part because of the shared sacrifice you have made these past six months through the pay reductions. Send us a tip using our annonymous form. Bog Iger, the executive chairman of Disney, has forgone his salary for the remainder of the year amid the coronavirus pandemic, according to a Variety report which cited an internal memo. Tomorrow we’ll hold an All UTA meeting to discuss all this. The company will reduce of its total U.S. workforce by about 10%, among other things. Launch dates for broadcast, cable and streaming programs, Up-to-date lists for broadcast, cable and streaming series, Pandemic-proof vs. pandemic-contingent broadcast lineups, Signup for Breaking News Alerts & Newsletters, Get our latest storiesin the feed of your favorite networks. Starting April 5, all VP-level executives will be receiving a 20% cut in salary, senior VPs will see a 25% cut, and executive VPs will see a 30% cut. 1:53 PM PDT 3/23/2020 Sign up for Variety’s Newsletter. Although there are still uncertain times ahead, I am grateful for all we have accomplished together to bring us to this point. Sign up for Insider Life. On March 23, General Electric Chairman and CEO H. Lawrence Culp, Jr. released a statement to employees about how it is handling the economic impacts of the coronavirus. © 2020 The Hollywood Reporter While we do not know what the future holds, we are committed to being candid and transparent about where things stand as we navigate these uncharted waters together.”. And knowing how hard everyone continues to work under these unusual circumstances, we’ve decided to continue summer half-day Fridays through September 25. Zimmer’s note said employees would return to full compensation by mid-September. While our overtime restrictions remain in effect, we will continue to review those policies too. UTA reps film and television talent including Timothee Chalamet, Awkwafina, Chris Pratt, Cynthia Erivo and Phoebe Waller-Bridge. Many sectors shut down virtually overnight, causing a wave of job losses and a plummeting stock market. UTA CEO Jeremy Zimmer and co-presidents Jay Sures and David Kramer addressed the staff via video conference on Monday to break the news, two insiders said. For the latest news, follow us on Facebook, Twitter, and Instagram. I’m told that Zimmer and agency heads Jay Sures and David Kramer will continue to not take salaries through year’s end. He also announced in the memo that he would be giving up 100% of his salary for the next six months. 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