Container Store CEO Takes Pay Cut to Give Employees Raises – Entrepreneur
The Container Store CEO is taking one for the team.
Satish Malhotra, who has been CEO of the company since 2021, is taking a voluntary 10% pay cut to ensure his staffers receive their annual merit increases, according to The Dallas Morning News.
Malhotra’s salary will drop from $925,000 to $832,000 for six months, effective October 1, according to a federal filing. The nearly $100,000 pay reduction comes after he earned $2.57 million in compensation, including stock awards, last year. His normal salary is expected to be reinstated on April 1.
Related: 5 Container Store Essentials for Marie Kondo-ing your Workspace
The CEO’s pay reduction comes as the storage and organization retailer saw a 21.1% decline in sales in July, with online sales dropping by 15.8%, according to the Morning News, which was the first outlet to report Malhotra’s pay decrease. The Container Store is headquartered in Coppell, a suburb of Dallas.
The news comes after recent layoffs for the company. In May, the…
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