Salary reductions in pay and voluntary contributions will go to the UHS Foundation to financially assist employees during the COVID-19 pandemic.
In a United States Securities and Exchange Commission Form 8-K signed by Executive VP and CFO Steve Filton today, Universal Health Services, Inc. (UHS) has announced voluntary salary reductions for executive and senior management team members to contribute donations to the UHS Foundation.
The UHS Foundation "was established to assist our employees that are significantly impacted by various events such as FEMA-qualified natural disasters and presidential-declared natural disasters, [and] intends to evaluate the hardships caused by COVID-19 on certain of the Company’s employees and their families, and to consider disbursement of funds to those employees that are most in need of financial assistance."
Salary reductions in pay to donate include:
- CEO Alan B. Miller's base salary to be reduced by 100% from June 1 to July 31.
- President Marc D. Miller, CFO Steve G. Filton, Executive VP Marvin G. Pember, and Executive VP Matthew J. Peterson's base salary to be reduced by 20% from June 1 to August 31.
- All non-executive officers and certain senior management members' base salary to be reduced between 5% and 20% from June 1 to August 31.
Additional voluntary contributions from "other employees and other parties" will also be accepted.
UHS matches funds that are raised for the UHS Foundation, and "has disbursed over $2 million to employees needing assistance for living expenses including housing, utilities, clothing and other basic necessities." Before the COVID-19 pandemic, the UHS Foundation most recently helped employees affected by 2018 Hurricane Michael and the California wildfires.
UHS has over 400 hospitals and healthcare facilities located in 38 states and the UK and is headquartered in King of Prussia, Pennsylvania.
Melanie Blackman is the strategy editor at HealthLeaders, a Simplify Compliance brand.