CEO took huge pay cut during pandemic

GWFM News !!

Bryce Maddock — CEO of TaskUs Inc., which filed recently for an initial public offering — cut his base salary by nearly 90% at the onset of the Covid-19 pandemic, the company reported.

Maddock’s base salary was reduced from $350,000 to $45,000 on March 16, 2020 and it continues to be that rate, according to TaskUs’ registration statement for an initial public offering with the U.S. Securities and Exchange Commission.

Meanwhile, Chief Financial Officer Balaji Sekar and Chief Customer Officer Jarrod Johnson took reductions to their base salaries from March 30 to Aug. 31, reducing them from $350,000 to $315,000 and from $300,000 to $270,000, respectively, according to the filing.

“In 2020, in light of the impact of the Covid-19 pandemic on our business, our named executive officers agreed to temporary reductions in their base salaries,” TaskUs wrote.

With bonuses and other compensation, Maddock was paid $381,378 in 2020, while Sekar and Johnson were paid $521,673 and $598,777, respectively, according to the filing.

TaskUs President Jaspar Weir, while an executive officer, is not a named executive officer, the filing said. Weir does sit on the company’s board of directors, none of whom received compensation or grant equity awards in 2020, according to the filing.

As reported by the Business Journal, TaskUs had $478 million in revenue in 2020 with more than 100 of its clients being among the world’s largest technology companies, including 36 clients added in 2020. The company’s top 10 and 20 clients accounted for 68% and 81% of its revenue, respectively. Facebook and Doordash are its top two clients, generating 32% and 12% of the company’s revenue during fiscal 2020, respectively.

TaskUs has about 23,600 employees in eight countries with 18 locations. In the U.S., the company has 3,060 employees, while a majority — 17,640 employees — are based in the Philippines as of December 2020.

By   –  Reporter, San Antonio Business Journal

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