Rockwell Automation Announces Plan to Reverse Salary Reductions, Restore 401(k) Matches for US Employees in November
Rockwell Automation (NYSE: ROK) announced the reversal of temporary salary reductions and the reinstatement of the 401(k) company match for U.S. employees by the end of November 2020. CEO Blake Moret highlighted the company's disciplined cost management and improving market conditions as key factors enabling this decision. He emphasized that the company's technology and recent acquisitions position Rockwell well for future growth. The company will release its 4th quarter results on November 10, 2020, followed by an Investor Day on November 17, 2020.
- Reversal of salary reductions indicates improved financial health.
- Reinstatement of 401(k) match shows commitment to employee benefits.
- Cost management strategies are effective, allowing early recovery.
- None.
MILWAUKEE--(BUSINESS WIRE)--Rockwell Automation, Inc. (NYSE: ROK) announced today that temporary salary reductions implemented in May will be reversed at the end of November 2020. The company match for U.S. employees participating in the 401(k) retirement savings plan will also be reinstated at that time.
Blake Moret, Rockwell Automation Chairman and CEO, said, “I appreciate our employees’ dedication to our customers, communities, and each other during these challenging times. Their safety, engagement, technical innovation and domain expertise are the foundation of our success. Disciplined control of costs and a gradually improving market environment enable us to reverse these actions before the end of the calendar year, one month earlier than the plan we announced in July. As we continue to closely manage costs in an uncertain environment, our differentiated technology, domain expertise and recent acquisitions position us well to profitably accelerate growth.”
Rockwell will announce results for the 4th quarter of Fiscal Year 2020 on November 10, 2020, followed by our annual Investor Day on November 17, 2020. Investor Day will be held virtually and at our world headquarters in Milwaukee, WI.
About Rockwell Automation
Rockwell Automation Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 23,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing The Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com
