Texas Roadhouse (left) Restaurant Hospitality (right) / Facebook
Kent Taylor, Founder & CEO of the popular western-themed restaurant chain Texas Roadhouse has just announced he will be giving up his salary from March 18th, 2020, through January 7th, 2021, to the employees of his establishment.
“I have always said we are a people-first company that just happens to serve steaks,” Biz Journals reported Taylor saying. “Giving up my salary is the least I could do to show my commitment to that belief.”
According to D-Railed News and Podcasts, his wife said she talked to God who told them they needed to stay open during the coronavirus crisis. The media outlet also reported that Taylor’s salary was $1.3 million in 2018 and $8.5 million in 2017 and that he has over $6 billion in net worth. Giving up 9 months of his salary will definitely provide a big chunk of change to help his front-line employees.
Market Watch also reported that the company is filing with the Securities and Exchange Commission to suspend its dividends in attempts to conserve the chain’s cash during the COVID-19 pandemic.
Taylor’s actions were a very honorable and classy move because just last week (March 15th-21st, 2020) America reached a historic record number when 3.3 million of its citizens filed for unemployment. At least the good folks working for Mr. Taylor can rest assured they will be able to pay their bills.