The new president of Rutgers University has cut his salary by 10%.

Jonathan Holloway made the announcement on Wednesday, his first day on the job. He cited the school’s ongoing financial issues related to the coronavirus outbreak.

Rutgers faces a projected $250 million financial hit next school year due to the pandemic and has laid off hundreds of employees. The university also wants to freeze scheduled pay increases for workers.

Holloway was named the university’s president in January. He was due to make nearly $1.2 million in the next school year as part of a compensation package that includes a house, a car and other perks.