CAA Latest Agency To Institute Companywide Pay Cuts
CAA has told staff there will be "companywide paycuts up to 50%, on a progressive scale," but the agency will see "no layoffs," according to Mike Fleming Jr. of DEADLINE.com. CAA President Richard Lovett, Managing Dir & co-Chair Bryan Lourd and Managing Partner & co-Chair Kevin Huvane "will take no salary for the year." The agency's top earners "will be subjected to the high end of the percentage pay cut scale." It was "expected that the agency would have to do something" to account for loss of revenue due to the pandemic. The "hope at CAA and other agencies is to restore status quo as quickly as possible, when the world re-opens and revenue streams begin to flow again" (DEADLINE.com, 4/8). The HOLLYWOOD REPORTER's Rebecca Sun noted CAA's move "follows similar steps taken at other agencies." Various paycuts have been "implemented at Endeavor, Verve, APA, UTA and Paradigm, with the heads of Endeavor, UTA and Paradigm forgoing the remainder" of their '20 salaries entirely (HOLLYWOODREPORTER.com, 4/8).