Tabcorp Holdings (ASX:TAH) stands down 700 staff

Company News

by Rachael Jones

Tabcorp Holdings (ASX:TAH) is to temporary stand down over 700 employees in businesses where there is no work as a result of COVID-19 shutdowns.

Full-time employees will take at least one day of leave per week.

The MD and CEO, David Attenborough, has taken a 20 per cent reduction in his fixed remuneration until 30 June 2020. and fees have been reduced by 10 per cent until 30 June 2020.

Capital expenditure for the second half of the 2020 financial year will be cut to $120 million from $160 million.

Thoroughbred, harness and greyhound race meetings in are currently still being conducted except in Tasmania in accordance with strict state government biosecurity and public health restrictions.

Shares in Tabcorp Holdings (ASX:TAH) are trading 3.33 per cent higher at $2.79.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.