UPDATE: Hilton suspends dividend, will furlough staff, among other measures amid COVID-19 pandemic
Hilton Worldwide Holdings Inc. (HLT) outlined its plans Thursday to respond to the COVID-19 pandemic, including furloughing part of its corporate workforce, suspending stock buybacks, dividend payments, halting non-essential expenses and halting capital expenditures. The company said that beginning April 4, "many" of the company's corporate workers will have reduced schedules or be furloughed for 90 days; workers who are not furloughed will take a 20% pay cut for the duration of the crisis. The company said the CEO would forgo a salary for the remainder of 2020 and the executive committee would take a 50% pay cut during the crisis. Furloughed employees will maintain health benefits and be eligible for unemployment benefits. Hilton also said it is giving employees access to temporary jobs at companies such as Amazon.com Inc. (AMZN). Hilton stock fell 0.3% during the extended session and closed up 1.3% during regular trading Thursday.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 26, 2020 22:02 ET (02:02 GMT)
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