BJ’s Restaurants Inc. (Nasdaq: BJRI) said its board voted to end the executive and director pay reductions that began in April.
The reductions went into effect April 22 in a move to cut costs as a result of the decline in business due to the pandemic. The decision included 20% cuts to the base salary of CEO Greg Trojan, a 20% cut to Board retainers and salary cuts in the range of 10% to 20% for employees with salaries of $100,000 or more.
Executive and headquarters employees saw their salaries restored this week, according to a filing with the Securities & Exchange Commission. Non-employee directors are set to see the end of their reductions in pay in the fourth quarter.
The company also said it would award fully-vested stock grants to executives and headquarters staff who were impacted by the temporary pay reductions.
BJ’s shares were trading down 4.7% to $35.19 in midday trading Friday. The restaurant operator had a market cap of $792.1 million.