Lopez-led ABS-CBN Corp. clarified that its top officers have not received a salary boost since 2019 and that they even agreed to a pay cut to help the cash-strapped network stay afloat.
“ABS-CBN has not raised the salaries of its senior management since 2019. In fact, the senior management, including its president and CEO Carlo Katigbak and COO of broadcast Cory Vidanes, continues to voluntarily accept a substantially reduced salary,” said the embattled media giant.
ABS-CBN cited the sharp decline in salaries of the management in the past two years – from P193.27 million in 2019 to only P138.38 million in 2020.
For 2021 though, the compensation of the broadcasting firm’s top five executives increased by six percent to P146.32 million, based on a regulatory filing.
“All salaries have been substantially down since 2019. This year, there are officers who opted for a reduced pay cut, which explains the slight increase as compared to 2020. But nobody received an increase vs 2019 salaries,” ABS-CBN pointed out.
Aside from Katigbak and Vidanes, the there other top officers of ABS-CBN include Aldrin Cerrado (global COO), Laurent Dyogi (TV production head) and Roldeo Theodore Endrinal (content production head).
Last year, ABS-CBN suffered a P13.5 billion loss after it ceased all TV and radio broadcasts following the expiration of its franchise. It was forced to lay off over 40 percent or 4,552 employees (2672 of them regular staff).
/ART — AdChoiceTV News