There are so many negative stories about people hoarding toilet paper and even face masks, while health care workers and first responders go without. Every once in a while, a positive story leaks out, that restores our faith in humanity. Today’s positive story is about Kent Taylor, CEO of Texas Roadhouse, who’s giving up his salary and bonus for a year to pay his company’s front-line workers during the Chinese Cornavirus pandemic that’s sweeping the United States.
Market Watch reports – Texas Roadhouse Inc. TXRH, -0.84% said Wednesday that Chief Executive W. Kent Taylor has agreed to forgo his base salary and bonus from the pay period starting March 18 through Jan. 7, 2021, with the money to be used to pay front-line workers.
In a filing with the Securities and Exchange Commission, the steak house chain said it is also suspending its dividend as it moves to conserve cash during the coronavirus pandemic. Shares were not yet active premarket, but have fallen 25% in the last 12 months, while the S&P 500 SPX, +4.98% has fallen 13%.
In 2018, Louisville Business First reported Taylor’s total compensation was $1.3 million with his base salary being $525,000.
Taylor posted a message on the company website:
“The bottom line is these are challenging times, and we are all in this together. We will continue to do our best to adapt to your needs and help support every community we serve in a safe way. Thank you again for your loyalty to Texas Roadhouse.”
“We will never take your trust for granted and, remember, local communities across America will be stronger on the other side of this crisis.”