Barry Cottle, President and Group CEO of Scientific Games Corporation (SGC), released a personal statement this morning about the company’s contingency plans and employee activities to combat global COVID-19 impacts.
Cottle announced that SGC will introduce a number of cost-savings steps aimed at ensuring long-term jobs for the company as it reduces working hours.
Drastic actions have seen the company’s executive leadership team voluntarily accept a 50 percent reduction in pay, while the chief of SGC does not withhold any company compensation despite the current crisis.
Cottle wrote: “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 recognise 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.”
In addition to helping workers, SGC has set up a ‘Hardship Relief Fund’ to provide short-term assistance to workers and their immediate families, to which Cottle and other senior managers have already donated.
SGC leadership has underscored its commitment to serving consumers worldwide during the crisis with its diverse product and service portfolio.
Finally, Cottle clarified his faith in the ability of SGC to handle the impacts of COVID-19, adding that the firm has a solid liquidity position refinancing its debt and expanding its corporate credit facility throughout 2019.
Concluding: “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.”