Tech firm Sabre Corporation is taking significant measures to strengthen its financial position in response to the current industry conditions.
“This is an unprecedented time. The global travel industry is facing challenges beyond what has been experienced before. We believe Sabre is well positioned to navigate this challenging environment. We are fortunate that significant aspects of our cost structure are variable and are taking steps to help align our other costs with the current demand environment,” said Sean Menke, chief executive.
Sabre has begun implementing cost saving measure including a temporary reduction in base compensation pay for its US-based salaried workforce, including a 25% reduction for its CEO. While on a global basis, Sabre is offering voluntary unpaid time off, voluntary severance and a voluntary early retirement program.