Marlin Executives Take a Pay Cut as 120 Employees Are Furloughed
APR 10, 2020 - 6:50 am
Given the difficult operating environment resulting from the COVID-19 pandemic, Jeffrey A. Hilzinger, chief executive officer of Marlin Business Services, voluntarily agreed to reduce his base salary by 25%, and the company’s other executive officers voluntarily agreed to reduce their base salaries by 15%, in each case effective from April 13, 2020 through May 31, 2020, according to an 8-K filing.
Following the decline in many of the Marlin’s business activities as a result of the COVID-19 pandemic, the company has furloughed approximately 120 employees as part of a plan to adjust the company’s expense base and ensure operating efficiency during the COVID-19 crisis. The furlough period will begin on April 13, 2020 and is currently expected to continue through May 31, 2020.
During the furlough period, impacted employees will continue to be covered under the company’s healthcare plans and the company will cover each impacted employee’s portion of their healthcare premium.
Each member of the company’s board of directors voluntarily agreed to reduce their cash retainer by 25% during the same time period.
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