The CEO of Providence and other executives will take pay cuts through the end of the year due to steep revenue declines the Renton, Wash.-based health system has seen amid the COVID-19 pandemic, a spokesperson said in an email to Becker's.
Providence CEO Rod Hochman, MD, and Mike Butler, president of strategy and operations, volunteered to take 50 percent pay cuts. Other group, senior and executive vice presidents will see their pay reduced by 20 percent, while vice presidents will take 10 percent pay cuts.
The pay cuts apply to executives at the Providence parent organization and its various healthcare brands and facilities it runs across seven states in the West. Providence has recorded a 40 percent drop in gross revenue and increased expenses related to its COVID-19 response, according to the email.
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