Kelly Services, Inc. has announced that its Board of Directors voted to temporarily suspend the payment of the quarterly cash dividend on Kelly Services Class A and Class B common stock.
Carl Camden, President and Chief Executive Officer, stated, "The Board has determined that the suspension of the cash dividend is prudent given the economic turmoil the global economy is presently experiencing and its impact on our business. Despite this action, we continue to believe that dividends are an important element in delivering value to our shareholders and our Board intends to re-address payment of a dividend as the economic environment improves. Kelly has a 47-year history of paying dividends."
Camden emphasized that the Board and management believe this action is in the best interest of shareholders to help sustain operations and ensure the long-term strength of Kelly, so that it remains a leading staffing company in the future.
In support of management's efforts during this difficult period, Mr. T. E. Adderley, Chairman, and the independent members of the Board of Directors voluntarily reduced their current compensation ten percent.
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