NYC museum heads taking pay cuts amid coronavirus crisis

The administrators of NYC museums and cultural organizations are restructuring their multi-million dollar pay back deals in anticipation of large budget deficits triggered by the coronavirus lockdown.

Metropolitan Opera Basic Supervisor Peter Gelb introduced last thirty day period that he would waive his wage and cancel all opera performances until finally September. He also furloughed or laid off an estimated 700 workers, together with musicians, singers and stagehands. The Fulfilled Opera, the country’s major performing arts group, is dealing with an $8 million to $12 million deficit.

“We are slicing fees in each way doable in the coming months, such as my possess selection to get no salary,” Gelb mentioned in the March 24 letter to subscribers, which sought donations. Gelb designed $2,169,487 in complete compensation in fiscal 2017, the most current federal tax filings display.  

Previous week, Richard Armstrong, director of the Guggenheim, introduced a restructuring of all salaries more than $80,000 “on a graduated foundation with the percentages staying higher at better wage degrees,” in accordance to an e-mail obtained by Hyperallergic, an arts information site. The e mail was sent to workers asserting 92 staff would be furloughed as the firm faces a projected $10 million shortfall in revenue. Armstrong’s pay bundle totaled $1,255,591, tax filings show, and faces a 25 p.c slash — or $313,897. 

At the Metropolitan Museum of Art, in which leaders are predicting a $100 million decline because of to the coronavirus closure, superior-amount talks were being held very last thirty day period to focus on “restructuring” executive salaries and dipping into the storied institution’s $3.6 billion endowment to support workers, in accordance to a memo noticed by The Put up.

Achieved director Max Hollein, who was appointed in August 2018, gained a payment deal totaling $764,093 for 5 months of do the job, in accordance to the Met’s hottest tax filings.

The Met introduced past month it would fork out its 2,200 staff till May perhaps 2. 

The Whitney Museum of American Artwork lately laid off 76 employees, and the organization’s director declared he was having an rapid pay out reduce to help shore up a projected $7 million profits shortfall. Whitney Director Adam Weinberg took in $1,083,525 in his payment bundle, the Whitney’s most recent tax filings clearly show.