Press release
Kelly® Responds to COVID-19 Crisis; Arranges Virtual 2020 Stockholder Meeting; Announces First Quarter Conference Call; Withdraws Full-Year Guidance
Kelly is taking action in response to the coronavirus pandemic, including: Protecting the company’s balance sheet and financial stability for the
About this update from Kelly Services, Inc.
[{"type":"text","content":"Kelly is taking action in response to the coronavirus pandemic, including:\n Protecting the company’s balance sheet and financial stability for the long-termSuspending the quarterly dividend and withdrawing full-year guidance until business conditions improveCompensation actions, temporary furloughs, retraining and redeployment TROY, Mich., April 15, 2020 (GLOBE NEWSWIRE) -- Kelly Services, Inc. (Nasdaq: KELYA, KELYB), a global leader in providing workforce solutions, today announced its first quarter conference call and logistic changes to the company’s annual meeting. The news is announced as the company takes multiple steps to respond to the unprecedented COVID-19 pandemic including compensation action, temporary furloughs and redeployment. While the current crisis presents extraordinary conditions for the company and the industry, Kelly remains confident in its ability to adapt as we have over the past 74 years of operations. The company’s seasoned leadership team has managed through labor market disruptions and challenging global economic conditions over the decades, and Kelly entered the COVID-19 crisis with a healthy balance sheet and a clear business strategy. The board of directors remains supportive of decisions necessary to protect and guide the company’s commitment to long-term success. Chief Executive Officer Peter Quigley recently announced a series of decisions designed to reduce spending, minimize layoffs, and bolster the strength and flexibility of Kelly’s finances. These actions include a 10% pay cut for full-time salaried employees in the U.S., Puerto Rico and Canada, in addition to certain actions in EMEA and APAC; substantially reduced CEO compensation; reduced compensation of 10% or more for senior leaders; temporary furloughing and/or redeployment of some employees until business conditions improve; suspension of the company match to certain retirement accounts in the U.S. and Puerto Rico; reduction of discretionary expenses and projects; and a hiring freeze with the exception of critical revenue-generating positions. Kelly’s board has indicated they will take formal action to reduce director compensation at its next scheduled meeting in May. Given the level of uncertainty surrounding the duration of the COVID-19 crisis, Kelly’s board also supported Quigley’s decision to withdraw full-year financial guidan...