EOH slashes salaries of execs and high-earning workers to cope with Covid-19
EOH is cutting the salaries of its employees – including its executives – to help it cope with Covid-19.
The company will cut its executive committee salaries by 25% and proposes a 20% cut in salaries for those who earn more than R250 000 per year.
EOH is buckling under the weight of its debt, which totals more than five times its market cap.
The Money Show’s Bruce Whitfield interviewed EOH CEO Stephen Van Coller.
We’ve been through a year of crisis…Stephen Van Coller, CEO - EOH
We’ve seen a lot of demand for our products around remote working… We’ve seen a big demand for hardware…Stephen Van Coller, CEO - EOH
We’re very systemic to South Africa… We don’t know what’s coming… We cannot afford more joblessness in this country…Stephen Van Coller, CEO - EOH
We’ve given our staff certainty for the next two months… it’s the most responsible thing for corporates to do… a global recession is coming at us.Stephen Van Coller, CEO - EOH
For more detail, listen to the interview in the audio below.
This article first appeared on CapeTalk : EOH slashes salaries of execs and high-earning workers to cope with Covid-19
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