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Condé Nast

Memo To The 6,000 Employees Of Condé Nast: “For those of you who celebrated the recent Passover or Easter holidays, and for those who may still be out today, I hope you’ve had the opportunity to spend time with your families and loved ones – whether virtually, or in person. While we’re working from home, we still need to take time to recharge.As I’ve shared in my recent emails, we’ve been working to assess the impact of the crisis on our business and to reset our financial plan for the year. That work has involved modeling several different scenarios. I recognize these are extremely challenging times both personally and professionally, and that any amount of added uncertainty is stressful. As a leadership team, we’ve continued to work to do everything possible to protect jobs, limit impact to lower wage earners, and continue to provide benefits to individuals and their families through this time. Temporary salary reductions: We’re implementing temporary salary reductions for all those who earn a base salary of at least $100K. This action will start at the top. I will take a 50% reduction of my base salary, as will the external members of our board. We will also work to implement reduced working hours and work week schedules (e.g. three to four-day work weeks) for certain roles, in particular where government programs and stimulus packages can help supplement employees’ earnings. These decisions will be made locally in markets in accordance with available government programs. Along with the salary reductions noted above, these are actions that will help us preserve jobs and benefits. Our efforts to diversify our business model and grow consumer revenue are helping us weather this challenging time, and we must continue to focus and adapt our business in that direction. Over the past few months, I’ve said repeatedly how proud I am of this team. That is even more true today, as we embark together on these actions in an effort to protect our business for the long term.

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