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Condé Nast lays off 100 staffers and furlough 100 others

Condé Nast lays off 100 staffers and furlough 100 others

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Faced with the economic fallout from Covid-19, the media giant is running out of steam. After implementing pay cuts in mid-April, the American magazine publisher Condé Nast has just announced that more than a hundred of its employees will be laid off or furloughed in the United States in the weeks to come.

 

On April 13, the publisher Condé Nast had already announced a vast salary reduction plan: starting May 1 and for five months, employees earning $100,000 or more will see their salaries reduced by 10 to 20%. CEO Roger Lynch himself will reduce his base salary by 50%, as will the external members of his board of directors. The rest of the management team – which includes the editor-in-chief of Vogue and Condé Nast’s art director Anna Wintour, one of the publishing house’s highest paid executives – will reduce his base salary by 20 per cent.

 

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In addition, the media company had reduced its employees’ workday schedules and introduced flexible work weeks – from three to four days for some positions, “especially when government programs and stimulus packages can help supplement employee incomes.”

 

But unfortunately, these coercive measures have not been enough.

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Featured photo : © Condé Nast / Facebook

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