Last updated on October 20th, 2020 at 12:21 pm
Rockwell Automation will reverse temporary salary reductions it put in place in May and reinstate its 401(k) match at the end of November, the Milwaukee-based maker of industrial automation products announced.
Blake Moret, chairman and chief executive officer of Rockwell, said he appreciated the dedication of the company’s employees “to customers, communities and each other during these challenging times.”
“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,” Moret said. “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.”
This spring, Rockwell announced a 7.5% salary reduction for all non-manufacturing employees along with the suspension of its 401(k) match in the U.S. Moret took a 25% salary reduction and all other senior vice presidents saw salaries cut 15%.
Manufacturing employees did receive a one-time additional payment for their work during the pandemic.
In July, Moret said the pay cuts would be reversed by the end of the year, noting there was a limit to how long they could be reasonably kept in place.
But he also said he had hoped to have a firm date for when the cuts would end by the time the company reported its results on July 28.