CEO Kent Taylor did so in March. Now the COO, CMO, and CFO have followed.
More members of Texas Roadhouse’s C-suite have joined top executive Kent Taylor in forgoing their salary to serve as a second round of funding for hourly employees.
In a filing, the company said COO Doug Thompson will go without his base salary and incentive bonus pay through January 7. In 2018, he received $2.4 million in compensation. That amount included $1.3 million in stock awards, $450,000 in salary, $659,600 as part of a non-equity incentive plan (bonus), and nearly 8,800 in other compensation.
CMO Chris Jacobsen and CFO Tonya Robinson will forgo their base salary in Q2 and their incentive bonus pay through January 7. Jacobsen made $624,912 in compensation in 2018, a decrease from $1 million in 2017, according to the Louisville Business Journal. Robinson received $1 million in compensation, with a stock award of $626,775.
Thompson joined the company in August 2018 while Robinson came on in May 2018. Jacobsen has been a part of Texas Roadhouse since 2003.
In addition, non-employee members of the board will cut their entire compensation for the remainder of the fiscal year.
In March, Taylor announced that he is forgoing his salary from March 18 to January 7. In 2018, he had a base salary of $525,000 and a non-equity incentive plan that paid nearly $830,000. His contribution served as the first round of funding for hourly employees.
Texas Roadhouse hasn’t announced any closures in the U.S. As part of an altered to-go business model, the brand added curbside service in March. The company drew down $190 million from its revolving credit facility to boost its cash reserve to more than $300 million.