Billionaire Michael Dell, founder and CEO of Texas-based Dell Technologies (NYSE: DELL), has decided to forgo his base salary of roughly $950,000 from the beginning of the company's second quarter until the end of the fiscal year, from May 2, 2020 through January 29, 2021.
According to Dell's filing with the Securities and Exchange Commission (SEC), Dell made the decision "in light of the disruption and uncertainty created by the global coronavirus pandemic." Dell will continue to fund his company's benefits plans.
In addition to forgoing his base pay, which has remained the same since at least 2017, the CEO and his wife have donated $100 million through the Michael & Susan Dell Foundation to COVID-19 Therapeutics Accelerator and their supported communities in support of fighting the COVID-19 pandemic. COVID-19 Therapeutics Accelerator was launched by the Bill & Melinda Gates Foundation, Mastercard (NYSE: MA), and Wellcome, whose parent company is the Hong Kong company Dairy Farm International Holdings.
"The magnitude of the problem is daunting, and it is vitally important to us that help reaches as many people and families as possible," Dell said on LinkedIn.
Those aren't the only contributions Dell has made. His company is funding $3 million to help "meet the greatest needs of our communities and front-line organizations" who are working hard to stop the global spread of the pandemic.
The tech giant also has plans to donate approximately $284,000 to support Chinese hospitals in need, which will include funding for necessary items like surgical masks. On top of that, the company will donate more than $850,000 worth of IT infrastructure to the Hubei Center for Disease Control and Prevention (CDC).
"We must protect each other and especially our most vulnerable - our elderly and those with underlying conditions," said the Dell CEO in a blog post. "At the same time, we are managing the impact on our own business and supply chain operations, so we can take care of you. Whether enabling a remote workforce, ensuring business continuity, powering the technology for infectious disease prevention and control, or providing simple, human advice, support and friendship - we are here to help."
Dell, worth $92 billion, has seen shares down 20% for the year.