Condé Nast to Cut Pay, Furlough Some Staffers

Condé Nast is the latest publisher to turn to cuts. To counter the plunge in advertising that is plaguing the industry, the publisher of Vogue, Vanity Fair, GQ and Glamour told staffers Monday that it is cutting salaries of those making more than $100,000 by between 10 percent and 20 percent, effective May 1. The reductions will be in place for five months across all markets. Chief executive officer Roger Lynch will take a 50 percent reduction in his base salary, as will the external members of its board. The rest of the executive leadership team – which includes Vogue editor in chief and Conde Nast artistic director Anna Wintour, who is one of the publishing companies highest paid executives – will reduce their base salaries by 20 percent. “While we aren’t as solely dependent on print and digital display advertising as some of our competitors, globally, we will still see a substantial impact from this crisis on our business,” Lynch said in a staff memo. “It’s very likely our advertising clients, consumers, and therefore our company, will be operating under significant financial pressure for some time. As a result, we’ll need to go beyond the initial cost savings measures we put in

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