Top MLSE execs are "taking pay cuts in the wake of COVID-19 shutting down the company's sports and entertainment business," according to Neil Davidson of the CP. MLSE President & CEO Michael Friisdahl said that, effective yesterday, MLSE's executive leadership team is "taking a temporary salary reduction" of 20-25%. Davidson noted given MLSE also has "opted not to pay out annual bonuses to full-time employees, the reduction in pay for the leadership group will be close" to 50%. But the numbers are even "higher for Friisdahl," who is taking a 30% cut and, in the absence of bonuses and incentives, his total annual compensation "will be reduced" by 55%. The pay cuts "affect Friisdahl and eight other leading executives ranging" from CFO to CMO. But a source said that they "do not cover the presidents and GMs of the Raptors, Maple Leafs, Toronto FC and Argonauts, who have committed 'similar support' through the Team Toronto Fund." Davidson noted MLSE also has "suspended 'all non-essential' business expenditures and costs, deferred non-essential capital projects and imposed a hiring freeze" (CP, 4/1).
