scientific games leadership commits to salary cut navigating covid 19 headwindsby Joker 31.03.2020 0 comments
Barry Cottle, President and Group CEO of Scientific Games Corporation (SGC), has this morning issued a personal statement on the firm’s contingency planning and workforce actions to counter global COVID-19 impacts.
Cottle has confirmed that SGC will implement a series of cost-savings measures seeking to secure long-term company jobs as it reduces workforce hours.
Drastic actions have seen the firm’s executive leadership team voluntarily accept a 50% salary reduction, while SGC’s leader will withdraw no company salary during the ongoing crisis.
Cottle said: “Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak. We are working around the clock to take care of our employees, customers, shareholders and other key stakeholders in these difficult times while providing uninterrupted products and services to those customers who continue to operate.
“We recognize that the temporary furloughs that are made necessary by the impact of COVID-19 on our Company create a substantial hardship for the furloughed employees and their families.”
Further supporting staff, SGC has established a ‘Hardship Relief Fund’ to provide short-term assistance to employees and their immediate families, to which Cottle and several senior executives have already made contributions.
SGC leadership also underlined its commitment to supporting clients worldwide with its diverse portfolio of products and services throughout the crisis.
Finally, Cottle explained his confidence in SGC’s ability to navigate COVID-19 impacts, adding that the firm has a strong liquidity position having refinanced its debt and expanded its corporate credit facility during 2019.
He concluded: “We are taking a variety of actions to help ensure that we meet the demands of this outbreak and are ready when the industry begins to recover.
“I am confident that the measures we are taking now will prepare us to come out of the crisis even stronger than before. And, I have never been prouder to lead a team where everyone is stepping up to help each other, our partners and our Company.”