Last updated on April 14th, 2020 at 04:29 pm
Fiserv Inc.’s highest paid executives have agreed to a base salary pay cut to financially support the Brookfield-based company’s employees during the COVID-19 pandemic, according to a filing with the Securities and Exchange Commission.
Fiserv chief executive officer and chairman Jeffery Yabuki and president and chief operating officer Frank Bisignano have both agreed to forgo 100% of their base salary.
Executives Robert Hau, Devin McGranahan and Byron Vielehr are taking 20% base salary pay cuts.
The forgone compensation will be disbursed through the Fiserv Cares Fund to assistant employees experiencing financial hardship. The company also suspended payment of all cash compensation payable to non-employee directors, which will be used to provide financial assistance to employees through the Cares Fund.
Fiserv additionally amended and restated its Employee Stock Purchase Plan to suspended the discount on shares purchased through the plan between April 1, 2020 until Dec. 31, 2020.
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