In a letter to employees, Quest Diagnostics (NYSE:DGX)
Chairman, CEO and President Steve Rusckowski announced that, due to
COVID-19 headwinds on testing volumes and revenues, he will take a 25%
pay cut over the next 12 weeks while board members will forego 25% of
their cash compensation over the same period.
Other temporary cost-saving measures include
suspending the company’s matches for 401(k) and supplemental deferred
compensation plans through the end of the year, approving furloughs for
employees with diminished work (9% of workforce enrolled), reducing
hours for non-exempt employees where possible in order to preserve jobs,
reducing overtime, freezing hiring and promotions and dismissing
temporary and contract workers.
On the COVID-19 diagnostic front, it has performed
almost 800K virus tests to date (nasopharyngeal samples) and now plans
to launch antibody blood testing.
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