MANH

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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