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.