Restaurant group executive takes pay cut amid crisis

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

By Business Observer Staff
| 3:01 p.m. April 6, 2020
| 0 Free Articles Remaining!

Outback Steakhouse is part of Tampa-based Bloomin' Brands' portfolio of restaurants. Photo courtesy of Wikimedia Commons.

Tampa Bay-Lakeland

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.