Southlake travel technology company Sabre Corp. is cutting the wages of its salaried workers, suspending retirement fund matches and cutting back on contractors as it tries to save $200 million this year to combat the financial uncertainty from the COVID-19 coronavirus pandemic.
Sabre, which provides the behind-the-scenes ticketing and scheduling software for airlines and hotels, said Friday in a statement that it is “taking significant measures to strengthen its financial position" amid growing worries about the economy and travel industry.
The company has 9,250 employees.
Among other cuts, Sabre will reduce compensation for its board of directors members and offer voluntary unpaid time off, buyouts and early retirement to employees. It already suspended dividends earlier this week.
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“This is an unprecedented time," said Sabre President and CEO Sean Menke. "The global travel industry is facing challenges beyond what has been experienced before."
Menke said he is taking a 25% reduction in salary. Menke’s base salary was $966,000 in 2019, but he was paid $8.8 million in total compensation, according to regulatory filings.
Sabre and other travel-related businesses have been hit hard by government restrictions on foreign travel, a rapid decrease in airline bookings and a fear of traveling among passengers as the spread of the COVID-19 virus spreads.
Sabre said it has taken $375 million out of revolving credit accounts and now has more than $800 million in cash to carry it through the year.
“Given the magnitude of travel decline and the unknown duration of the COVID-19 impact, we will continue to monitor travel activity and take additional steps should we determine they are necessary,” Menke said in a statement.
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March 20, 2020 at 10:43PM
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Southlake's Sabre Corp. cutting salaries, benefits and contractors in bid to reduce expenses - The Dallas Morning News
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