Stefanie Smith | CNBC
Yum Brands CEO David Gibbs will forgo the rest of his base salary in 2020 to fund one-time $1,000 bonuses to the company’s nearly 1,200 restaurant general managers across KFC, Pizza Hut, Taco Bell and The Habit Burger Grill.
His salary will also help fund the Yum Brands Foundation Global Employee Medical Relief Fund, according to a Monday regulatory filing. The fund will provide financial hardship grants to those directly impacted by the coronavirus pandemic, including company and franchise restaurant employees. Yum plans to also accept donations to the fund.
Gibbs stood to make $900,000 from his salary this year, excluding any performance-based bonuses.
Chief executives across the restaurant industry have been forgoing their salaries or accepting slashed pay as the coronavirus pandemic hits sales and leads to layoffs. Darden Restaurants CEO Gene Lee is also not taking a salary, while The Cheesecake Factory CEO David Overton is taking a 20% pay cut, along with other executives.
Correction: An earlier version misidentified Yum Brand’s CEO. The CEO is David Gibbs.