Rush to cut executive pay

Citing losses related to the COVID-19 pandemic, Chicago-based Rush University System for Health plans to implement executive pay cuts and suspend bonuses, according to The Chicago Tribune.

Rush, a three-hospital academic health system, announced the measures in a memo to employees obtained by the Tribune.

K. Ranga Rama Krishnan, CEO of Rush University System for Health, and Omar Lateef, DO, the CEO of Chicago-based Rush University Medical Center will take 25 percent pay cuts. 

The CEOs of Rush Oak Park Hospital and Rush Copley Medical Center in Aurora, Ill., will take 10 percent pay cuts. Other senior leaders at Rush were also asked to take 5 percent pay cuts.

Other cost-cutting moves include not paying out merit increases, suspending bonuses and deferring employer matches for employees' retirement plans.

In addition, some employees at Rush University Medical Center and Rush Oak Park Hospital will be required to use one week of paid time off by June 27. 

"Like many hospital systems across the country, Rush must take critical steps to ensure its vitality," a Rush spokesperson told the Tribune. "The initiatives described in the memo are difficult, but we are committed to doing what's right for the Rush University System for Health."

Rush said it had an operating loss of $43.1 million in March.

More articles on compensation: 
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Northwestern says some employees no longer eligible for COVID-19 bonuses

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