Kura Sushi USA Inc. said in an SEC filling Monday some members of its C-suite will take a temporary salary reduction as the Irvine company responds to COVID-19’s continued impact on its business.
The operator of revolving sushi bar restaurants said its CEO will see a 30% cut in his base salary, while the COO and CFO would each see 15% reductions in their salaries. The temporary action began July 1 and lasts six months.
Non-employee directors on the Kura board will also have their retainer fees reduced by 15% for the same six-month period.
Kura Sushi is expected to report results for its third quarter on Tuesday.
The company’s shares were trading up 2.4% to $12.39 in midday trading Monday for a market cap of $103 million.
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