Senior executives will not take a salary for the rest of the year with other managers agreeing to salary reductions.
The company’s senior executive team will not be paid while many of the organisation’s manager salaries will be cut by up to 50% for the remainder of 2020.
Chairman and Chief Executive Officer Lim Kok Thay, Deputy CEO Lim Keong Hui, Group President Colin Au Fook Yew will not receive a salary during 2020, while voluntary salary reductions of between 20% and 50% has been applied to managers.
Genting HK reports that 90% of its managers have agreed to the program, which will save the company around $15 million.
Genting will be implementing further cost reduction measures, including a reduction in onboard crew by not renewing expiring contracts, not replacing staff that were leaving and a reduction in all expenses – especially travel – to avoid possible virus infection and voluntary no-pay leave.
“The Company expresses sincere gratitude and appreciation to all its employees, officers and crew for their resilience and hard work for battening down the hatches in these stormy seas and in particular, those involved in ensuring the guests onboard World Dream disembarked safely without a single infection incident in early February 2020,” Genting Hong Kong said in a statement.
“The Group will continue to monitor its business closely during this temporary disruption and adjust its plans in the best interest of the Group,” the filling added.
Genting Hong Kong has said that it expects a net loss in the range of US$140 million to US$170 million for the year ended December 31, 2019, after a net loss of US$224 million in the prior year.