W. Kent Taylor, the CEO of Texas Roadhouse is stepping up to assist hourly restaurant workers affected by the coronavirus by donating his own 2020 salary. Broken down, this includes his six-figure base salary and bonuses from March 18, 2020, through January 7, 2021, according to Tank's Good News.
The coronavirus crisis has caused restaurants to offer pickup and delivery options only. Since Texas Roadhouse is primarily a sit-down style restaurant, they, like many other establishments, will likely lose a concerning amount of business during this time. Many staff members, for example, waiters and hosts, will no longer be essential to the daily operation of the restaurants. As a result, many employees will not be getting the hours they need to pay bills and support their families.
This restaurant chain has been around since 1993 with restaurants in 49 states. There are over 500 Texas Roadhouses across the nation, employing more than 56,000 people. Thus, Taylor's donation will help provide financial relief to a significant number of individuals during this time of fear and uncertainty.
The additional funds that Taylor would have claimed himself over the 2020 pay period "will be made available to assist front-line hourly restaurant employees," a company report reads that was filed with the Securities and Exchange Commission on Tuesday, March 24.
Based on the amount that Taylor has brought in as income in recent years, he is passing up on a large amount of funds by this donation. In 2018, he reportedly brought home $1.8 million in income and bonuses. This is in addition to his already impressive $525,000 base salary.
According to The New York Daily Times, Texas Roadhouse will also be temporarily suspending the payment of quarterly cash dividends in an effort to "better manage its cash position and enhance financial flexibility in light of the uncertainty in the global markets."
Taylor has gotten a lot of praise on social media for his selfless act during this time of global health crisis.
New York Times Best Selling Author, military veteran, and public speaker Sean Parnell commended Taylor in a recent tweet for his leadership.
"A lesson we learned quickly in the military is that leaders eat last. Not only is this CEO forgoing his salary, as a collective, they are also providing meals for our nation's truckers! You are leading from the front, @texasroadhouse #UnitedWeStand!"As The Inquisitr previously reported, it's not clear when it will be deemed safe enough for restaurants to re-open for regular dining. President Trump initially implemented a 15-day plan to flatten the curve but that time frame could be extended.