Winnebago Industries tightens its belt during pandemic

Company announces pay cuts for board and executives.

Posted: Apr 3, 2020 1:47 PM

FOREST CITY, Iowa – Winnebago Industries is announcing further action in response to the coronavirus pandemic.

The make of recreational vehicles and boats announced on March 23 it was temporarily suspending production to protect employees from the virus and adjust production to meet changing demand.

Now, the Forest City-based manufacturer says it is taking the following moves regarding its board of directors and executive leadership:

- CEO Michael Happe will reduce his salary by 25% for the remainder of Fiscal 2020 as well as forgo his entire Fiscal 2020 financial based annual incentive.
- The Winnebago Industries Board of Directors will reduce their cash compensation by 25% for the remainder of Fiscal 2020.
- The Executive Leadership Team’s cash compensation will be materially reduced for the remainder of fiscal 2020.

In addition, Winnebago Industries says it will also take the following “cost containment and financial management” measures:

- Delaying certain capital expenses and reducing or eliminating non-critical business expenses.
- Implementing temporary hiring freezes in all locations for non-critical salaried positions.
- Postponing merit increases for salaried employees until the end of the fiscal year.
- Continually engaging with our strategic banking partners regarding appropriate options relative to future financial liquidity.
- Engaging proactively with dealers and suppliers to better understand market conditions and consumer sentiment.
- Communicating with inventory finance entities on their support of the dealer community.

Winnebago Industries normally employs about 5,000 in Iowa, Indiana, Oregon, Minnesota, and Florida. The company says it has $123 million of cash available on its balance sheet, access to $193 in credit, and does not have any significant debt obligations until November 2023.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 95659

Reported Deaths: 2056
CountyConfirmedDeaths
Hennepin26960930
Ramsey10911320
Dakota7524126
Anoka6092133
Stearns401024
Washington379955
Scott257433
Olmsted244628
Nobles197116
Blue Earth16996
Wright16327
St. Louis160241
Carver14197
Clay138940
Rice13358
Mower13285
Sherburne115014
Kandiyohi10112
Winona88718
Lyon6954
Waseca6698
Benton5523
Steele5472
Freeborn5424
Nicollet54016
Watonwan5284
Crow Wing51618
Todd4952
Chisago4941
McLeod4882
Le Sueur4674
Otter Tail4414
Beltrami4215
Martin40810
Goodhue3659
Itasca32814
Pine3280
Douglas3102
Polk3054
Isanti2971
Becker2802
Carlton2701
Morrison2492
Dodge2390
Cottonwood2250
Pipestone22510
Chippewa2141
Meeker2022
Wabasha1960
Sibley1923
Brown1912
Yellow Medicine1822
Cass1804
Rock1730
Unassigned17052
Redwood1673
Mille Lacs1643
Murray1642
Renville1518
Jackson1481
Faribault1450
Swift1381
Houston1280
Kanabec1258
Roseau1230
Koochiching1223
Fillmore1200
Pennington1191
Lincoln1110
Hubbard1031
Stevens1031
Pope940
Big Stone820
Aitkin801
Wadena690
Wilkin653
Grant614
Lake590
Lac qui Parle581
Norman540
Marshall521
Mahnomen481
Red Lake451
Traverse310
Clearwater270
Lake of the Woods221
Kittson120
Cook60

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 85533

Reported Deaths: 1305
CountyConfirmedDeaths
Polk15872262
Woodbury544764
Johnson512627
Black Hawk448990
Linn4010111
Story344417
Dubuque325741
Scott301128
Dallas278538
Pottawattamie211338
Buena Vista199112
Marshall178434
Sioux16183
Wapello133357
Webster125514
Plymouth114121
Clinton112121
Muscatine110855
Crawford10885
Cerro Gordo105721
Warren9566
Jasper83832
Des Moines7848
Marion7637
Henry7434
Tama71331
Carroll6625
Lee6377
Wright5811
Dickinson5276
Boone5078
Bremer4927
Washington45911
Louisa42915
Mahaska41219
Delaware4023
Floyd3493
Jackson3493
Franklin34818
Winneshiek3356
Clay3264
Lyon3264
Hamilton3223
Benton3101
Winnebago30313
Hardin2991
Poweshiek2958
Buchanan2791
Jones2743
Butler2702
Kossuth2700
Shelby2671
Clarke2653
Emmet26510
Allamakee2616
Clayton2523
Chickasaw2500
Sac2500
Cherokee2492
Cedar2461
Guthrie2456
Fayette2222
Harrison2223
Grundy2203
Madison2192
Iowa2091
Palo Alto2020
Humboldt1903
Mitchell1900
Howard1886
Hancock1842
Calhoun1833
Mills1801
Page1700
Cass1682
Osceola1610
Monroe15911
Pocahontas1592
Lucas1566
Monona1531
Jefferson1381
Appanoose1363
Union1353
Taylor1301
Davis1244
Ida1221
Fremont1180
Van Buren1141
Keokuk1091
Worth1080
Greene1010
Montgomery965
Wayne862
Audubon821
Adair721
Decatur670
Ringgold502
Adams330
Unassigned170
Rochester
Clear
54° wxIcon
Hi: 66° Lo: 45°
Feels Like: 54°
Mason City
Overcast
58° wxIcon
Hi: 69° Lo: 46°
Feels Like: 58°
Albert Lea
Clear
55° wxIcon
Hi: 68° Lo: 46°
Feels Like: 55°
Austin
Clear
57° wxIcon
Hi: 67° Lo: 46°
Feels Like: 57°
Charles City
Broken Clouds
59° wxIcon
Hi: 67° Lo: 47°
Feels Like: 59°
One Last Mild Day
KIMT Radar
KIMT Eye in the sky

Community Events