Manhattan Associates To Reduce Operating Expenses, Executives Pay

(RTTNews) - Manhattan Associates Inc. (MANH) said it is aggressively reducing operating expenses globally, and the salaries of its executives, amid the COVID-19 pandemic. It has suspended its share repurchase program.

Effective April 1, 2020, the company has reduced the salaries of the chief executive officer and the board of directors by 25%, the chief financial officer by 15%, and other named executive officers by 10%.

The company stated that its preliminary results for the first quarter were in line with its internal expectations due to continued demand for cloud-based supply chain and omnichannel commerce solutions.

The company continues to be optimistic on the longer-term opportunities . However, considering recent global events as a direct result of COVID-19, it is taking proactive measures to position its company for uncertainty in the near-term while maintaining flexibility to extend its position when a normalization of business activity resumes, the company said.