Hollywood agency UTA has implemented company-wide pay cuts across the world in response to the coronavirus pandemic.
The measures affect roughly 1,100 across the agency’s global offices and comes after CEO Jeremy Zimmer and co-presidents David Kramer and Jay Sures held a company-wide call on Monday (23). Screen understands there have been no lay-offs.
The three heads will forego their salaries for the remainder of the year. Pay cuts will be based on income.
The move comes after Paradigm Talent Agency said last week it was implementing laying off of roughly 100 at the agency.
In a statement issued on Monday (23) UTA said, “Like companies across the industry and our country, UTA is taking some immediate and painful steps to ensure we get through the current public health and economic crisis as strong as possible.
“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.”
The statement continued, “The understanding and support we’ve received from our colleagues has been incredibly gratifying, as is their recognition that these difficult steps are intended to ensure the long-term strength and viability of our company. 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.”