Rockwell Automation Announces Salary Reductions - Quick Facts

(RTTNews) - Rockwell Automation, Inc. (ROK) said, in response to the COVID-19 pandemic, the company currently anticipates no payout for its incentive compensation plans for fiscal 2020. The company is eliminating discretionary spend across the organization. The company also announced a 25% salary reduction for chairman and CEO Blake Moret, 15% salary reductions for all Senior Vice Presidents, and 7.5% salary reductions for all other non-manufacturing employees around the world. The Board has also reduced its cash fees by 50%.

"While our fiscal second quarter sales held up well despite significant pressure from China in the quarter, we expect that as COVID-19 impacts more countries and economies, we will face lower demand in many of our served industries for a period of time," said Blake Moret, CEO.