Why CEOs are giving up their salaries during the coronavirus crisis

Among the steps some companies are taking due to coronavirus are pay cuts for top execs. These alone aren't likely to have a significant impact on bottom lines or provide a boost to employees further down the org chart, but they send an important message.

New York Coronavirus has hit companies hard and fast over the past several weeks — prompting calls for industry bailouts and dramatic measures to cut costs. Among the steps some major corporations are taking to mitigate the consequences of the outbreak are pay cuts to CEOs and other top executives.

Executive pay cuts alone aren't likely to have a significant impact on companies' bottom lines or provide a boost to lower-paid employees further down the org chart. But they send an important message."A lot of it is symbolic," Itay Goldstein, professor of finance University of Pennsylvania's Wharton School, said.

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