Geisinger execs take pay cut, donate funds to employees
DANVILLE – Geisinger’s CEO and President Jaewon Ryu, M.D., J.D., and his executive leadership team have volunteered to take a temporary compensation reduction and donate the funds to a newly created employee emergency assistance fund.
“The COVID-19 crisis is not only a public health crisis; it is also an economic crisis caused by the necessary temporary shutdown of our society,” said Dr. Ryu. “While funds from this compensation reduction could help Geisinger’s expected budget challenges, in recognition of the hardships faced by some of our employees at this time, the leadership team and I felt it was more appropriate to use the funds to create this new employee emergency assistance fund.”
Dr. Ryu will be taking a 30 percent reduction in compensation while Geisinger’s leadership team will be taking 20 percent reductions in pay. The temporary compensation reductions will supply about $250,000 per month to an employee emergency assistance fund accessible by employees facing financial hardship as a result of COVID-19 to help them overcome unexpected financial burdens. More details about the application process to access these funds will be announced soon.
“It goes without saying how proud we are of Dr. Ryu and his team,” said Virginia McGregor, member of the Geisinger board of directors and chair of the Geisinger family committee, which provides guidance for Geisinger management and compensation. “The shared sacrifices they are willing to endure for the system fill me with gratitude. Our communities are dependent on Geisinger to guide us through this pandemic, and these leaders have stepped up to help employees who have been impacted by unprecedented circumstances out of their control.”