Estee Lauder Cuts Executive Pay, Suspends Quarterly Dividend
April 15 2020 - 08:00AM
Dow Jones News
By Chris Wack
The Estee Lauder Cos. Inc. said Executive Chairman William P.
Lauder and Chief Executive Officer Fabrizio Freda will have their
salaries cut in half, with other executives seeing 10% to 30% cuts,
effective May 1 through Oct. 31.
The company's board of directors will forgo their cash retainers
through November 2020.
Estee Lauder also is suspending its next quarterly dividend,
which would have been paid in June. It has also borrowed the full
amount under its $1.5 billion revolving credit facility while
temporarily suspending share repurchases of its class A common
stock.
The company awarded a $2 million grant was awarded to Doctors
Without Borders to support their response to the coronavirus
pandemic and provided a grant to support the establishment of the
NYC Covid-19 Response & Impact Fund, administered by the New
York Community Trust.
The Estee Lauder brand is donating two million surgical masks
for front-line workers in New York, and its Clinique brand is
donating 50,000 skin-care products to thank the doctors and nurses
in New York City's hospitals.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 15, 2020 07:45 ET (11:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Feb 2024 to Mar 2024
Estee Lauder Companies (NYSE:EL)
Historical Stock Chart
From Mar 2023 to Mar 2024