On Mar 20, the travel software company said that it would cut 25% of salary of its U.S. employees as well as CEO Sean Menke. The company noted that the pay cut is a temporary measure undertaken to combat the crippling impact of coronavirus on its finances.
Furthermore, Sabre has decided to temporarily suspend its 401(K) program for U.S. employees. Also, the company will reduce the cash retainer for its board members. Globally, the company is working out salary plans on a country-by-country basis.
Sabre Suspends Dividend and Share-Buyback Plans
Sabre has suspended its quarterly dividend and share-repurchase program to shore up the company’s as it braces for a period of revenue slump amid the virus mayhem. On Mar 16, the company’s board voted to defer all its dividend payments occurring after Mar 30. This Zacks Rank #3 (Hold) travel software company has not specified the tenure of suspension.