STATEMENT ON CORPORATE LAYOFFS AT HYATT IN RESPONSE TO COVID-19
Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020. |
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STATEMENT ON CORPORATE LAYOFFS AT HYATT IN RESPONSE TO COVID-19
Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020. |
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This is a press release selected by our editorial committee and published online for free on 2020-05-12
These actions will impact around 1,300 colleagues around the world.
Since the start of the COVID-19 pandemic, Hyatt has taken numerous actions in an effort to meet the challenges our industry is facing including reductions of company-wide expenditures, extended salary reductions for the Senior Leadership Team and Board of Directors, and temporary work and/or pay reductions for all corporate colleagues. Unfortunately, with increased visibility into the effect that the pandemic is having on the hospitality industry, it has become apparent that additional measures are necessary to meet this unprecedented challenge.
“COVID-19 has thrown our industry into unknown territory,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. “While parting ways with our colleagues is excruciating, we must be sensitive to commercial realities so we can continue to fulfill our purpose of care over the long term – through this pandemic and for what lies beyond. Our goal is to emerge from this crisis with strength, and ultimately position our business and our world-class teams for when the hospitality industry rebounds and when our guests and customers once again choose Hyatt.”
Laid off Hyatt colleagues will be eligible to receive severance pay, outplacement services, and benefits commensurate with their years of service. Colleagues experiencing pressing financial hardships may also seek financial support from the Hyatt Care Fund.
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