CIB, Visit Indy cut executive pay to cope with pandemic loss

0
255

INDIANAPOLIS (Indianapolis Business Journal) — Tourism officials who work to bring sporting events and conventions to Indiana’s capital are cutting executive pay for the rest of the year to cope with heavy financial losses after numerous Indianapolis events have been canceled or postponed amid the pandemic.

According to the Indianapolis Business Journal, Capital Improvement Board executives and hourly employees received at least a 20% pay reduction and the executive director, Andy Mallon, has lowered his $220,000 salary by 25%.

Mallon said he does not have an exact figure for how much the board expects to save with payroll cuts and it is not clear if CIB plans to use its $100 million cash revenues for any shortfalls.

LEAVE A REPLY

Please enter your comment!
Please enter your name here