Startek Updates on Key Business Measures to Combat COVID-19 Pandemic
April 06 2020 - 4:05PM
Business Wire
- Aparup Sengupta, Executive Chairman and CEO, to forgo any 2020
cash salary - Health & Safety of employees and business
continuity for clients top priorities - Intense focus on working
capital and liquidity management
Startek, Inc. (NYSE:SRT), a global provider of customer
experience management solutions, has implemented a series of
measures on Business Continuity Planning (BCP) enactment, ensuring
safety for all its people, improving liquidity and supporting its
customers business operations in these unprecedented times.
Aparup Sengupta, Executive Chairman and Global CEO at Startek,
who has not received compensation in any form since his appointment
on January 15, 2020, will forgo any cash salary for the remainder
of 2020. The decision comes in order to mitigate financial impacts
to the Company as global markets are impacted from widespread
disruption and mandated steps to slow the spread of the novel
coronavirus
“Our top priority continues to be the health and safety of our
employees and we’ve implemented key measures to maximize our
operations and efficiency in response to the COVID-19 pandemic,”
said Aparup Sengupta, Chairman & CEO of Startek. “We are
continuously enabling employees to work from home after obtaining
requisite client approvals. We are aligning our workforce to match
with the current revenue levels and also managing our operating
costs with an emphasis on minimizing disruption to our global
business operations.”
We would like to thank our employees, customers and partners for
staying focused during these testing times and for their continued
collaboration. Startek’s BCP Taskforce are assessing and monitoring
the situation closely and we are taking all possible measures to
ensure continued and timely support to our customers and keep them
engaged with their end customers.
Key measures implemented:
- With People-first objective, measures undertaken to enable safe
work environment at all our campuses
- Virtual command centre activated under Rajiv Ahuja, President
& Global COO, to enable real time monitoring of business
continuity across geographies
- Rapid implementation of work-from-home for business processes,
with client approvals and in compliance with the regulations
- Monitoring working capital and cash flows to maintain adequate
liquidity
- Cutting all non-essential spending and capital
expenditures
- Continuing discussions with lenders to restructure debt
As recently announced, Rajiv Ahuja has now been elevated to
President at Startek. In his new role, he will be overseeing the
24/7 virtual business command centre, digital initiatives and
ensure a seamless transition to the next phase of growth and market
leadership. Rajiv said, “At Startek, we have now mobilized our
global resources to strike a balance between ensuring the health
and safety of our employees, continuing to fulfill customer needs
and ensuring the interests of our shareholders. We are doing
everything possible to tide over this unprecedented crisis that the
entire world is experiencing, and we will continue to evaluate
other actions as necessary to maximize our operations in response
to COVID-19.”
About Startek
Startek is a leading global provider of technology-enabled
business process outsourcing solutions. The company provides
omni-channel customer experience management, back office and
technology services to corporations around the world across a range
of industries. The company has more than 47,000 outsourcing experts
across 49 delivery campuses worldwide that are committed to
delivering transformative customer experience for clients. Services
include omni-channel customer care, customer acquisition, order
processing, technical support, receivables management and analytics
through automation, voice, chat, email, social media and IVR,
resulting in superior business results for its clients. To learn
more about Startek’s global solutions, please visit
www.startek.com.
Forward-Looking Statements
The matters regarding the future discussed in this news release
include forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are intended to be identified in this document by the
words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “objective,” “outlook,” “plan,” “project,” “possible,”
“potential,” “should” and similar expressions. As described below,
such statements are subject to a number of risks and uncertainties
that could cause Startek's actual results to differ materially from
those expressed or implied by any such forward-looking statements.
Readers are encouraged to review risk factors and all other
disclosures appearing in the Company's Form 10-K for the fiscal
year ended December 31, 2019, as filed with the SEC on March 12,
2020, as well as other filings with the SEC, for further
information on risks and uncertainties that could affect Startek's
business, financial condition and results of operation. Copies of
these filings are available from the Securities and Exchange
Commission, the Company’s website or the Company’s investor
relations department. Startek assumes no obligation to update or
revise any forward-looking statements as a result of new
information, future events or otherwise. Readers are cautioned not
to place undue reliance on these forward-looking statements that
speak only as of the date herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20200406005756/en/
Ankul Agarwal Investor Relations +91 98192 81998
Ankul.Agarwal@startek.com
Sean Mansouri, CFA or Cody Slach Gateway Investor Relations
(949) 574-3860 investor@startek.com
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