TripAdvisor is reducing staff by 900 employees as the coronavirus pandemic hammers the travel industry.
Prior to the cuts, the company had about 4,200 employees, according to corporate filings.
TripAdvisor previously let go 200 employees, CNBC reported in January. Those cuts represented about 5% of TripAdvisor’s workforce at the time and mostly affected its experiences division, which works on travel activity offerings, CNBC reported.
TripAdvisor is also pausing 401K matching in the U.S. and asking salaried employees in most markets to work four days a week and take a 20% pay cut. Kaufer said the temporary reduction will save close to a hundred jobs. TripAdvisor is also closing open roles that aren’t deemed an immediate, essential need.
According to CNBC, Kaufer said at the end of March he will forgo his salary for the rest of the year. Kaufer made nearly $800,000 in base pay in 2018 plus incentive-based compensation that brought his pay close to $2 million, according to the company’s most recently available financial statements.
Kaufer said the company has moved beyond its initial phase of the coronavirus response and is now in cost-cutting mode. It had already cut discretionary spending and furloughed hundreds of workers based on European subsidy programs. But Kaufer said the measures were not enough to sustain the company.