Compensation Issues

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60 Texas Children's executives take pay cut

All 60 members of the executive team at Houston-based Texas Children's Hospital have taken a 20 percent pay cut amid the COVID-19 pandemic, the hospital announced April 22.

Texas Children's said the team took an initial 10 percent reduction effective April 6, and the additional 10 percent took effect April 19.

"Leaders lead in a bull market, and leaders lead in a bear market. In a bull market, great leaders can optimize and accentuate performance — but, sometimes we get a bear market. Leadership looks different in a bear market and instead of growing, you are faced with challenging times where you instead need to mitigate downdraft — and that's what we are doing right now," Mark Wallace, president and CEO of Texas Children's Hospital, said in a statement. "I am incredibly proud and grateful for how hard our entire workforce has continued to persevere in the face of so much uncertainty. Our executive leadership team, including myself, are committed to doing our part and what’s right as we manage this crisis."

Executives who took the 20 percent reduction in base pay include Mr. Wallace and 54 executives. The hospital's interim physician-in-chief and pathologist-in-chief, surgeon-in-chief, OB-GYN-in-chief, anesthesiologist-in-chief, and radiologist-in-chief also took the pay cut.

The hospital has about 14,000 employees.

 

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