Callaway CEO Brewer Forgoing Salary During Coronavirus Pandemic
Callaway Golf CEO Chip Brewer is forgoing his base salary amid the coronavirus crisis.
According to an SEC filing, Callaway said it was “proactively taking actions to significantly reduce costs and conserve cash in order to mitigate the impact of the coronavirus outbreak on its business.”
Brewer’s base salary was $900,000 in 2019.
His total compensation was a reported at $5.8 million.
Brewer’s decision comes several weeks after PGA Tour commissioner Jay Monahan decided to forgo his multi-million dollar salary indefinitely.
Other Callaway Employees Take Cuts
According to the SEC filing, other executives at Callaway, including executive Vice President Brian Lynch, volunteered to reduce their base salaries by 20%.
Other members of senior management and employees will have their base salaries reduced.