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Business Observer Monday, Apr. 6, 2020 1 month ago

Restaurant group executive takes pay cut amid crisis

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Bloomin’ Brands CEO David Deno will forego his base salary until further notice.

TAMPA — Like many restaurant companies, Bloomin’ Brands (NASDAQ: BLMN) — the parent firm of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse and Wine Bar — has been hammered by the coronavirus pandemic. 

According to a report from Yahoo! Finance and MarketWatch, Bloomin’ Brands’ stock has lost more than 70% of its value over the past year, and with the COVID-19 economic crisis battering the restaurant and hospitality sector, CEO David Deno has decided to forego his base salary until further notice. His bonus will not be affected. 

Members of the company’s board of directors, the release states, will forego their cash retainers. 

Bloomin’ Brands reported gross revenue of $4.14 billion in 2019, up from $4.13 billion in 2018. 

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