- Aparup Sengupta, Executive Chairman and CEO, to forgo any 2020 cash salary
- Health & Safety of employees and business continuity for clients top priorities
- Intense focus on working capital and liquidity management
Startek, Inc. (NYSE:SRT), a global provider of customer experience management solutions, has implemented a series of measures on Business Continuity Planning (BCP) enactment, ensuring safety for all its people, improving liquidity and supporting its customers business operations in these unprecedented times.
Aparup Sengupta, Executive Chairman and Global CEO at Startek, who has not received compensation in any form since his appointment on January 15, 2020, will forgo any cash salary for the remainder of 2020. The decision comes in order to mitigate financial impacts to the Company as global markets are impacted from widespread disruption and mandated steps to slow the spread of the novel coronavirus
"Our top priority continues to be the health and safety of our employees and we’ve implemented key measures to maximize our operations and efficiency in response to the COVID-19 pandemic," said Aparup Sengupta, Chairman & CEO of Startek. "We are continuously enabling employees to work from home after obtaining requisite client approvals. We are aligning our workforce to match with the current revenue levels and also managing our operating costs with an emphasis on minimizing disruption to our global business operations."
We would like to thank our employees, customers and partners for staying focused during these testing times and for their continued collaboration. Startek’s BCP Taskforce are assessing and monitoring the situation closely and we are taking all possible measures to ensure continued and timely support to our customers and keep them engaged with their end customers.
Key measures implemented:
- With People-first objective, measures undertaken to enable safe work environment at all our campuses
- Virtual command centre activated under Rajiv Ahuja, President & Global COO, to enable real time monitoring of business continuity across geographies
- Rapid implementation of work-from-home for business processes, with client approvals and in compliance with the regulations
- Monitoring working capital and cash flows to maintain adequate liquidity
- Cutting all non-essential spending and capital expenditures
- Continuing discussions with lenders to restructure debt
As recently announced, Rajiv Ahuja has now been elevated to President at Startek. In his new role, he will be overseeing the 24/7 virtual business command centre, digital initiatives and ensure a seamless transition to the next phase of growth and market leadership. Rajiv said, "At Startek, we have now mobilized our global resources to strike a balance between ensuring the health and safety of our employees, continuing to fulfill customer needs and ensuring the interests of our shareholders. We are doing everything possible to tide over this unprecedented crisis that the entire world is experiencing, and we will continue to evaluate other actions as necessary to maximize our operations in response to COVID-19."
Startek is a leading global provider of technology-enabled business process outsourcing solutions. The company provides omni-channel customer experience management, back office and technology services to corporations around the world across a range of industries. The company has more than 47,000 outsourcing experts across 49 delivery campuses worldwide that are committed to delivering transformative customer experience for clients. Services include omni-channel customer care, customer acquisition, order processing, technical support, receivables management and analytics through automation, voice, chat, email, social media and IVR, resulting in superior business results for its clients. To learn more about Startek’s global solutions, please visit www.startek.com.
The matters regarding the future discussed in this news release include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should" and similar expressions. As described below, such statements are subject to a number of risks and uncertainties that could cause Startek's actual results to differ materially from those expressed or implied by any such forward-looking statements. Readers are encouraged to review risk factors and all other disclosures appearing in the Company's Form 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on March 12, 2020, as well as other filings with the SEC, for further information on risks and uncertainties that could affect Startek's business, financial condition and results of operation. Copies of these filings are available from the Securities and Exchange Commission, the Company’s website or the Company’s investor relations department. Startek assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein.
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Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations