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The CEO of Texas Roadhouse is giving up nearly a year’s worth of salary and bonus to help hourly restaurant workers who are seeing their income essentially disappear during the coronavirus pandemic.
Company president and CEO W. Kent Taylor will forgo his base salary and incentive bonus from the pay period between March 18, 2020, and Jan. 7, 2021, according to a report filed this week with the U.S. Securities and Exchange Commission.
“The additional funds will be made available to assist front-line hourly restaurant employees,” the report states.
The steak house chain is also suspending the payment of quarterly cash dividends to “better manage its cash position and enhance financial flexibility in light of the uncertainty in the global markets.”
Texas Roadhouse, which operates more than 610 restaurants across 49 states, has temporarily shut down many of its dining rooms to reduce exposure to the coronavirus — as numerous other restaurants have done to contain the spread of the disease.
Taylor — who reportedly made $1.3 million in 2018 — said in a message to customers that the company is “ramping up” take-out services and even turning some of restaurant parking lots into temporary drive-thru areas to serve its regular menu.
“The bottom line is these are challenging times, and we are all in this together,” he wrote. “We will continue to do our best to adapt to your needs and help support every community we serve in a safe way.”
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