U.S. Silica announced pay reductions for its top executives
KATY, Texas, April 24, 2020 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced temporary pay reductions for its top executives and board in response to the COVID-19 pandemic and expected lower oilfield well completion activity.
The CEO, Bryan Shinn, members of the board of directors and company officers have volunteered to take up to a 20% temporary base salary reduction. The duration of these reductions will be dictated by market conditions.
"We continue to make difficult but necessary decisions to right-size our costs and believe that we need to lead by example," said Shinn. "I am very proud of the work that our teams are doing in these unprecedented times and we continue to prioritize the health and safety of our colleagues. I expect that with our balanced business portfolio we will continue to outperform our competition and emerge from the economic downturn in a strong position."
About U.S. Silica
U.S. Silica Holdings, Inc. is a global performance materials company and last-mile logistics provider and is a member of the Russell 2000 Index. The Company is a leading producer of commercial silica used in a wide range of industrial applications and in the oil and gas industry. Over its 120-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 400 diversified product types to customers across its multiple end markets. U.S. Silica's wholly owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 25 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Reno, Nevada, Chicago, Illinois and Houston, Texas.