CAA ISSUES PAYCUTS, HEADS FORGO SALARY

The last of the major agencies to cave, CAA has issued company-wide paycuts following the Coronavirus pandemic. Co-Chairmen Richard Lovett, Kevin Huvane and Bryan Lourd will forgo their salary for the remainder of the year.

In a video conference on Wednesday morning, CAA let employees know that the reductions in pay will by company-wide and proportionate. Top earner will see higher reductions, maxing out at 50%.

Assistant level employees' pay rate will remain unchanged, although their hours worked will decrease by one hour while working from home. Recent increases for assistants due to #PayUpHollywood will remain intact.

In a statement, a spokesperson for CAA said, “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. 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.”

Over the last two weeks, WME, UTA and Paradigm all issued paycuts, along with the forfeit of salary from agency heads across the board.