Hilton Worldwide Holdings Inc. (NYSE: HLT) will furlough hundreds — if not thousands — of employees at its McLean headquarters as part of ongoing cost cutting measures related to the novel coronavirus.
The company announced the cutbacks after the market closed Thursday. Though an exact number wasn’t specified, the company said many of its employees in the corporate headquarters would be furloughed or have their schedules reduced starting April 4 for up to 90 days.
They will maintain their health benefits and be eligible to apply for unemployment assistance, Hilton said in its release. Employees who are not furloughed will have their compensation reduced by up to 20%.
The company took several other cost cutting measures:
Hilton CEO Chris Nassetta will forgo his salary for the remainder of 2020;
Other executives will take a pay cut of up to 50%
Capital expenditures will be eliminated;
Share buybacks and dividends will be suspended, except for those already declared.
Hilton…Read the full story from the Washington Business Journal.