Texas Roadhouse CEO Wayne Kent Taylor is forgoing his base salary and bonus in order to pay the restaurant chain’s frontline workers during the
CCP virus outbreak.
The CEO, 63, announced his decision on March 25, 2020, explaining that he would be redirecting his salary and bonus for the benefit of his employees from March 18, 2020, to Jan. 7, 2021.
“Kent Taylor has always said that Texas Roadhouse is a people-company that just happens to serve great steaks,” a spokesperson for the eatery told
The Hill. “His donation of his salary and bonus to help employees is the embodiment of that saying. We are blessed to have his leadership.”
As per
Market Watch, in a filing with the Securities and Exchange Commission, Taylor also revealed that the Louisville-based steakhouse chain is suspending its dividend in order to conserve funds during the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus.
According to the same filing,
Biz Journals reported that the average salary of a Texas Roadhouse employee is $13,146 per year. The CEO’s compensation for the financial year 2018 amounted to $1.3 million and his base salary was $525,000.
Taylor’s financial sacrifice for the year 2020,
said the eatery’s spokesperson, would be “just under a $1 million donation to employees,” pro rata.
The spokesperson further added that Taylor had recently donated $5 million to Andy’s Outreach. “Andy Armadillo” is the eatery’s mascot—a charitable fund inaugurated to help support Texas Roadhouse employees whenever financial aid is needed.
According to the
National Restaurant Association, restaurants and their employees are some of the hardest-hit business casualties as a result of the pandemic, with over 3 million jobs lost since March 1.
On March 27, 2020, President Trump signed a $2.2 trillion bill to fight the CCP virus, making it the largest economic relief package in U.S. history. Included in the
relief fund is an allocation of $300 billion for direct payments to any persons earning less than $99,000 annually, up to $3,400 per month per family of four.
The relief fund has also pledged $350 billion in loans for small businesses and $250 billion toward enhancing unemployment insurance.
Additionally, over 300,000 individuals representing the restaurant industry have joined the National Restaurant Association’s grassroots campaign to ensure that the industry remains acknowledged as an economic victim of the crisis.
As of March 26, Texas Roadhouse remains open for business, reported The Hill. However, the chain is now offering takeaway, family food packs, and curbside delivery options for its customers in an effort to respect social distancing measures.
Taylor expounded the company’s decision to remain open with a statement on the eatery’s
website. “While we realize that many people are struggling right now,” Taylor wrote, “I want to take a moment to let you know what Texas Roadhouse is doing to help.”
“We are open for business and still serving America even though many of our dining rooms are temporarily closed,” the CEO continued. “As the President and other officials have stated, restaurants play a vital role in our nation’s food supply, and we are going to help fill the gap where and how we can.”
The Louisville-based Texas Roadhouse franchise was founded in Clarksville, Indiana, in 1993. As of 2020, the chain operates in over 525 locations across 49 states and seven different countries with
over 56,000 employees.
“I have always said we are a people-first company that just happens to serve steaks,” said Taylor, as per
Biz Journals. “Giving up my salary is the least I could do to show my commitment to that belief.”
