CAA Cuts Pay Amid Pandemic, Agency Co-Chairmen to Forgo Salary

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CAA is the latest agency to implement paycuts as the industry continues to weather the novel coronavirus pandemic, The Hollywood Reporter has confirmed.

Announced via video conference this morning, the reductions in pay will be companywide and proportionate – meaning higher earners take deeper cuts – maxing out at 50 percent, with the exception of co-chairmen Richard Lovett, Bryan Lourd and Kevin Huvane, who will forgo the remainder of their salaries for 2020.

The pay rate for assistants – raised in January in response to the #PayUpHollywood movement – will remain unchanged, although they are working an hour less per day in the work-from-home environment.

CAA has not yet laid off any employees as a result of the pandemic-induced industry slowdown, and the paycuts have been instituted in hopes of continuing to avoid that measure.

"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," CAA said in a statement.

The agency added, "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."

This article was originally published by The Hollywood Reporter.