Booking Holdings CEO Fogel and Brand Chiefs to Forego Salaries
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."
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