Conde Nast cuts staff pay and gears up for redundancies

Conde Nast cuts staff pay and gears up for redundancies

THE WHAT? Conde Nast is said to have cut staff pay and ushered in a reduced working week for many as COVID-19 hits ad revenues, according to a report published by the New York Post.

THE DETAILS The publisher has imposed a 10 to 20 percent pay cut on all employees earning US$100,000 and above, which includes famed Vogue Editor Anna Wintour. CEO Roger Lynch has volunteered for a 50 percent cut in his base salary.

The temporary reduction will be effective May 1 through September. A number of roles will be eliminated, although exact numbers have not been disclosed.

THE WHY? As advertisers reduce spend, the publisher is operating ‘under significant financial pressure’.

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