Vail Resorts’ CEO will forego pay for a year and the resort will cut wages to save jobs and more than $10 million a year, executives announcedyesterday.

CEO Rob Katz will not take any salary for a year and then take 15-percent pay cut the following year. He also will not participate in any stock issuance. Each member of the Vail Resort’s board of directors will reduce their annual cash retainer by 20 percent.

Seasonal employees will have their salaries cut 2.5 percent. Executives could have salaries cut as much as 10 percent. Seasonal employee cuts will begin next season, and executive reductions begin April 2.

“It’s clear that with the uncertainty that lies ahead, reducing cost is an imperative,” Katz said. “We have chosen to aid this situation by making the preservation of jobs and protecting the guest experience our highest priority.”

Vail Resorts operates ski properties at Vail, Beaver Creek, Breckinridge and keystone in Colorado,  Heavenly Ski Resort in California,  and the Grand Teton Lodge Company in Jackson Hole, Wy. The company also manages RockResorts which has properties throughout the United States and the Caribbean.