Business-to-business publisher BNP Media has announced it is slashing salaries by 25% indefinitely, effective May 1. Jeez, that’s, like, this Friday.
“”We need to survive until this economy can turn around and everyone can get back on their feet and back to business as usual,” co-CEO Harper Henderson told FOLIO.
In an internal memo, the Hendersons sound less confident: the co-CEOs Harper, Mitchell, and Taggert Henderson blamed the banks.
While we (the Henderson family) are certainly partially to blame for having taken on such a high amount of risk, were it not for their demands, we would be able to just pay them and move on,” the memo reads. “But, beyond just paying them (which we are doing and can continue to do) they require we meet certain financial covenants; these are what are causing us such serious problems. This unfortunate set of circumstances has forced us to make cuts that none of us could have ever imagined.”
I’m torn between feeling sorry for them (because they sound kinda pathetic) and then remembering that they just gave like 500 people a 25% pay cut.