Sabre Corporation, the software and technology company that powers the global travel industry, is taking significant measures to strengthen its financial position in response to the current industry conditions. The travel industry continues to be adversely affected by the global health crisis caused by the outbreak of COVID-19, as well as by government directives that have been enacted to slow the spread of the virus.
As part of these cost reductions, Sabre has begun implementing several immediate actions with regard to its workforce and other costs during this difficult business climate. These actions include:
A reduction in the cash retainer for members of its Board of Directors, Sabre’s 401(k) match program will be temporarily suspended for U.S.-based employees who contribute to its 401(k) program,
On a global basis, Sabre is offering voluntary unpaid time off, voluntary severance and a voluntary early retirement program, and is reducing third-party contracting, vendor costs and other discretionary spending.
On March 16, Sabre’s Board of Directors voted to suspend the payment of quarterly cash dividends on Sabre’s common stock, effective with respect to the dividends occurring after the March 30, 2020 payment, and Sabre announced the suspension of its share repurchase program.
