FedEx CEO Fred Smith takes 91% salary cut during coronavirus pandemic

FedEx CEO Fred Smith appears at a signing ceremony where President Donald Trump signed an Executive Order that establishes a National Council for the American Worker in the East Room of the White House, Thursday, July 19, 2018, in Washington. (AP Photo/Andrew Harnik)

MEMPHIS, Tn. (KOSA) -- FedEx founder and CEO Fred Smith is taking a 91% salary cut as the company deals with the coronavirus pandemic, the Memphis Business Journal reports.

According to the Memphis Business Journal, the salary cut will last for the next six months.

Smith reportedly requested the cut, which was approved by the members of the board for FedEx.

Smith joins other CEOs who are taking pay cuts during the pandemic including Texas Roadhouse CEO Kent Taylor, who has given up his base salary and bonus through January of next year.