OneWater Marine co-founders Austin Singleton and Anthony Aisquith are foregoing 100 percent of their salaries for the next two months in an effort to reduce costs during the coronavirus pandemic.
Chief financial officer Jack Ezzell and other senior managers have agreed to take a 20 percent cut in base salaries, and other managers and salaried employees will take a 10 percent reduction.
“In an effort to protect our business and enhance our financial flexibility, we are executing on our plan, taking quick and decisive actions to reduce costs across the company, including salary and discretionary expense reductions, limiting capital expenses for non-essential projects, and workforce furloughs and/or reductions,” Singleton said in a statement. “While many unknowns remain, we believe these actions are necessary for the long-term benefit of our team, OEM partners, customers and shareholders.”
Singleton and several founders of acquired entities have also agreed to forgo or defer rents on certain properties, and the board of directors will forgo cash compensation for six months.
“These are extraordinary times for our company, particularly for our dealers,” Singleton said.“We are working hand in hand with local management teams to maintain appropriate inventory levels, both now and in the future, support cost enhancement activities, and ensure they remain nimble in this unpredictable environment. We continue to monitor the situation closely and will provide further updates as necessary.
“These actions will support OneWater through this difficult operating environment, and we still have the ability to draw $10 million under our existing revolving credit facility, if necessary,”Singleton added.