Aristocrat slashes salaries and lays off workers in effort to save $100m
Aristocrat will stand down 1000 staff from May 1 until the end of June, while 200 roles would be removed permanently as it battles to cut costs during the Covid-19 shutdown of venues across Australia.
The poker machine maker has also suspended its interim dividend and slashed the pay of its chief executives and board by 30 per cent and 20 per cent respectively as it looks at ways to survive the closure of all of its land-based operations.
Until the end of September, 200 full time roles will move to part time and 1500 staff will take pay cuts of between 10 per cent and 20 per cent, which will help the company save $100 million.
“These changes, and other prudent steps we are taking as part of our COVID-19 response, will deliver important operational and financial flexibility, focus and efficiency through this period of uncertainty,” said chief executive Trevor Croker.
“We are highly focused on protecting and leveraging our strategic advantages, including industry-leading design and development and effective user acquisition investment, which Aristocrat will continue to prioritise.
“We believe that these changes will help maximise opportunities for Aristocrat’s dedicated and talented people over the longer term.”
Sheridan Randall, 28th April 2020
