Entercom Communications has instituted a wage freeze for 2009 – and folks at the top are not exempt. CEO David Field and two other top HQ executives have signed waivers to their employment contracts giving up their 2009 raises.
Entercom has not yet reported on executive compensation for 2008. Field received a base salary of $746,032 and a bonus of $600,000 in 2007. Exec. VP/CFO Steve Fisher received a base salary of $495,833 and a bonus of $388,500; and Exec. VP/General Counsel Jack Donlevie received a base salary of $319,595 and a bonus of $132,500. All three have now signed agreements to waive the 2009 salary increase in their respective employment agreements.
RBR/TVBR recently reported on how CEO Field and his father, company founder Joe Field, have shown confidence in Entercom’s future by buying stock on the open market.
RBR/TVBR observation: It’s no secret that this is going to be a tough year for most businesses – and particularly for those dependent on advertising revenues. Employees are being asked to make sacrifices, so it’s always reassuring for them to know that the people at the top are also sharing in making sacrifices.