CAA has joined the other major Hollywood agencies and implemented pay-cuts amid to coronavirus pandemic.
The company was informed of the move on Wednesday morning (8). It is understood that depending on seniority, agents and employees will see their pay cut by up to 50%. CAA heads Richard Lovett, Bryan Lourd and Kevin Huvane are taking no salary for the year. There are no redundancies.
A spokesperson released the following statement to Screen: “In this time of tremendous uncertainty for individuals, businesses, governments and communities, it is incumbent upon us to look closely at what measures help ensure CAA always 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.
“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.”