Scientific Games CEO takes 100% salary cut during coronavirus outbreak period
Scientific Games CEO Barry Cottle has volunteered to work for free during the period of self-isolation due to the coronavirus outbreak.
Cottle will take a 100% pay cut during the period, while the rest of the executive leadership team has committed to a voluntary 50% reduction in salary.
The supplier announced a number of cost-saving measures as a result of the challenges brought about by the outbreak, including workforce hour and pay reductions.
Scientific Games will also establish a Hardship Relief Fund to provide short-term assistance to its employees, who will be given a temporary furlough due to a reduction in the need for certain roles.
CEO Cottle and other senior executives will be making contributions to the fund.
Cottle said: “Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak.
“Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver and also refinanced our debt, extended our major maturities and lowered our interest expense.
“I am confident 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.”
Last month, the supplier reported a 1% year-on-year rise in revenue for 2019, increasing to $3.4bn.
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