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Dick's will reduce salaries for executive officers, employees

Published March 25, 2020

PITTSBURGH (BRAIN) — Dick's Sporting Goods announced in a regulatory filing the temporary reduction of base salaries for its executive officers and other salaried employees, effective March 29, in response to the ongoing COVID-19 pandemic.

Chairman and CEO Edward W. Stack and President Lauren R. Hobart will receive no salary other than an amount covering company benefits. Executive Vice President and CFO Lee J. Belitsky will have his base salary reduced by 50%.

Other senior management and salaried employees are temporarily reduced by "graduated amounts." The Board of Directors agreed to have a temporary suspension of retainer fees.

Dick's also announced it has modified its capital allocation plan for 2020. It has reduced capital expenditures, temporarily suspending share repurchases, and evaluating its dividend program. Dick's will pay a quarterly dividend of $0.3125 per share on its common stock and Class B common stock on March 27, 2020, to stockholders of record at the close of business on March 20, 2020.

Dick's temporarily closed all stores March 19, with plans to reopen on April 2. The closure also included the company's Golf Galaxy and Field & Stream stores. Employees were told then they will be paid and continue to receive benefits.

Online and mobile app ordering will continue to be available, and Dick's and Golf Galaxy will offer "curbside contactless pickup service." This pickup option will be available between 9 a.m. and 6 p.m. seven days a week.

Topics associated with this article: Coronavirus

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