Booking Holdings CEO Fogel and Brand Chiefs to Forego Salaries
March 23 2020 - 7:38PM
Dow Jones News
By Josh Beckerman
Booking Holdings Chief Executive Glenn Fogel and the company's
three brand CEOs will forego their salaries as the company contends
with the uncertainty of the coronavirus pandemic.
The board also declined to accept any cash retainer
payments.
Mr. Fogel, in a letter to employees included in a securities
filing, said the company plans to "dramatically" reduce marketing
spending and has implemented a general hiring freeze.
Deutsche Bank cut its target price for Booking to $1,600 from
$2,225 on Monday and maintained its buy rating.
Mr. Fogel wrote "as a business, we have survived a lot. This is
going to be tough and in many parts of the world I know it is going
to get worse before it gets better, but it will get better. Our
business, our industry and our world will get through this."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 23, 2020 19:23 ET (23:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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