Rockwell Automation to Reduce Salaries, Keep Dividend
Working to retain its financial stability amid the volatility wrought by the COVID-19 pandemic, Rockwell Automation (NYSE: ROK) announced today that it plans to suspend payouts from its executive incentive compensation program for 2020. While the company faced headwinds in its second quarter from the effect of the pandemic in China, CEO Blake Moret said in today's press release that management "expect[s] that as COVID-19 impacts more countries and economies, we will face lower demand in many of our served industries for a period of time. As a result, we are taking pre-emptive actions to align the company's cost structure with this environment."
Although Rockwell Automation is implementing cost-saving measures, the company remains committed to rewarding shareholders, announcing earlier this week a $1.02-per-share quarterly dividend payable on June 10. This is the same amount it paid last quarter.
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Source Fool.com
