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Resideo Outlines 6 Cost Reduction, Cash Flow Mgmt. Measures; Withdraws FY20 Guidance

Author: Benzinga Newsdesk | April 23, 2020 09:04am

Cost Reduction and Cash Flow Management Measures
Given the impact of the COVID-19 pandemic, Resideo has taken the following temporary actions:

Postponed or reduced non-essential capital expenditures;
Optimized working capital;
Reduced salaries for certain senior executives;
Reduced salaries / implemented a furlough program for certain other company employees;
Eliminated board service fees for the Board of Directors for the first quarter of 2020; and
Restricted new hiring activity.

Posted In: REZ