Westwood One announced new aspects of its “broad turnaround plan” to get its financial house in order and improve its long-term business performance. The latest moves will bring layoffs in some areas and salary reductions for all employees – with senior management taking 15% cuts.
Westwood One announced a complete financial overhaul early this month. along with that, the company has been working to rework its programming lineup and utilize technology to reduce operating costs for its traffic business.
“As an integral part of this turnaround plan, the Company is introducing a salary reduction program for all employees and streamlining staffing levels in certain areas of operation. Adjustments to compensation will be based on a sliding scale and determined by an employee’s compensation level. Senior management will incur the highest percent decrease in base salary, with a reduction of 15%,” Westwood One announced Tuesday.
“Our turnaround plan calls for reducing operating expenses so that we can emerge from these difficult economic times a stronger Company that is better positioned for future growth,” said Westwood One President and CFO Rod Sherwood. “This is an ongoing process, and we are asking every member of the Company, from senior management to staff employees to share in this effort to help improve the Company’s performance over the long term. We appreciate the many contributions our employees, unions and partners have made and continue to make to Westwood One. Once we have aligned our cost structure with our revenue trajectory, we will have strengthened the financial health of the Company and better positioned the Company for future success,” he said.