Magazine giant Conde Nast, home to The New Yorker, Vanity Fair, GQ and Vogue, has announced sweeping changes due to the ongoing coronavirus pandemic
CEO Roger Lynch on Monday said a temporary pay reduction will affect between 10 to 20 percent for all employees making at least $100,000. It will become effective May 1 and extend to the end of September.
That includes Conde artistic director and Vogue editor-in-chief Anna Wintour who will see her pay cut by 20 percent.
Other positions at the magazine will move to three- and four-day workweeks and there will be an undisclosed number of layoffs beginning next month.
As to cutbacks, he said, “Many of you have been asking whether there will be any job eliminations. While we consider it a last option, we do expect there will be some role eliminations as part of these efforts. We’ve already closed several hundred open positions and limited hiring only to the most critical roles. Role eliminations are never something we take lightly, and we’ll continue to work to limit this as much as possible.”
Hard times all around.
(via Page Six; Photo: Avalon)