Stars CEO and GM take major pay cuts

With NHL games suspended since March 12th due to the COVID-19 pandemic, Dallas Stars CEO Jim Lites and General Manager Jim Nill have both agreed to take a major cut in their salaries. A report by the Dallas Morning News states the two will each take a pay cut of 50 percent, retroactive to when the NHL suspended play.

"Jim and I feel a responsibility to be leaders of our team and our group,” Lites told The Dallas Morning News. “The Gaglardis (the family that owns the team) have been really good to us, they've always said yes to us on things we've needed to do to build the franchise. I feel a personal thanks to them, they've been really good to both of us.”

"This situation we're in is affecting everybody. There's nobody going unscathed," said Nill. "I just think I'm fortunate enough at my age and where I'm at in my career to able to help some other people out. First of all, Tom Gaglardi has been very supportive of me, given me all the tools I need to work with. I know that his parent company is going through a tough time. He's in the hotel/restaurant business and it's been hit hard.

“So I know they've had to make sacrifices up there and so can I help him out a little bit that way? And then for our organization. I know we're making decisions on people, and by myself and Jimmy Lites making some sacrifices, does that help some other people down the food chain?”

While the Stars have yet to announce layoffs or salary reductions for employees amid the suspension of NHL play, it's very likely they will be coming as every team in the league tries to deal with a significant loss in revenue. Both Nill and Lites said they were hopeful the reduction in their salaries could help delay or alleviate the financial loss of those employees.

Source: Dallas Morning News

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