MELBOURNE, June 17 (Reuters) - Cricket Australia will cut 40 staff and slash executive pay as part of a restructuring effort to shore up finances hit by the coronavirus pandemic, the board said on Wednesday.
The cost-cutting measures, which also include the suspension of international tours for lower-tier and junior teams, will save the board up to A$40 million a year and “partly mitigate” the impact of COVID-19 on revenue, CA said in a statement.
“We recognise that this is a difficult time for Cricket Australia employees, particularly for those staff members affected by these redundancies and their families,” Chairman Earl Eddings said.
“However, our responsibility is clear: to navigate a path for cricket through this period of uncertainty and disruption to ensure we come out the other side sustainable in the short term and prosperous in the long term.”
The restructuring details come a day after the board announced Kevin Roberts had resigned as chief executive with immediate effect, after months of criticism over his handling of the virus shutdown.
CA had already furloughed about 80% of its workforce in April and cut executive pay to “proactively” manage the impact of COVID-19. (Reporting by Ian Ransom; Editing by Clarence Fernandez)