Southwest Airlines CEO Gary Kelly takes pay cut amid drop in bookings caused by coronavirus

Southwest Airlines has announced CEO Gary Kelly will take a 10% pay cut as fears about the spread of the coronavirus spread and airline bookings decline, the company said.

Southwest say Kelly sent an internal memo to employees on March 9 that focused on the financial crisis the coronavirus has imposed on the company and the entire airline industry.

In 2018 Kelly´s base salary was $750,000, but his total compensation neared $8 million. In addition to his pay cut, the memo is said to have outlined some of the other actions the airline is considering moving forward.