Scientific Games CEO waives salary amid workforce reductions
Supplier ignites cost-cutting process as coronavirus lockdown damages land-based gaming sector
Scientific Games chief executive Barry Cottle has surrendered his salary after the supplier implemented cost-saving measures to cope with Covid-19.
Cottle has volunteered to take a 100% reduction in pay while the Scientific Games executive leadership team has committed to a 50% pay cut.
The Nasdaq-listed supplier has reduced the working hours and pay rate for its workforce to protect the operations of the company, while various support roles have been furloughed.
Scientific Games will establish a Hardship Relief Fund to provide short-term assistance to furloughed employees with family and financial struggles as a result of the coronavirus crisis.
The duration of the cost-saving measures will be closely monitored by the supplier’s leadership team and based on the continuing impact of Covid-19.
Barry Cottle
“Like many others, our industry is facing unprecedented challenges from the widespread impact of the Covid-19 outbreak,” said Cottle.
“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 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 have never been prouder to lead a team where everyone is stepping up to help each other, our partners and our company,” he added.
Scientific Games last month reported a 2% year-on-year drop in Q4 gaming revenues to $863m.