Summary
Vertiv Holdings Co (VRT) filed an 8-K on April 8, 2020, to report on executive and director compensation adjustments made in response to the potential impact of COVID-19. The company's Compensation Committee and Board of Directors implemented a precautionary 10% reduction in base salary for all named executive officers and several other key executives, effective March 30, 2020. This measure aims to mitigate potential financial strain resulting from the ongoing pandemic.
Key Highlights
- 1Vertiv Holdings Co implemented a 10% base salary reduction for its named executive officers and other key executives.
- 2The salary reduction is a precautionary measure against the potential impact of COVID-19.
- 3The salary reductions became effective starting March 30, 2020.
- 4The company's non-employee directors will also experience a 10% reduction in cash compensation.
- 5The director compensation reduction became effective starting March 31, 2020.
- 6These compensation adjustments are temporary and will remain in place until further resolutions are made by the Compensation Committee and Board of Directors.