Aon said on 27 April it was cutting salaries of its executives and most of its employees, and suspending its stock repurchase programme, as it looks to preserve financial flexibility amid the Covid-19 pandemic.

In a letter to employees, chief executive Greg Case said effective 1 May, the professional services company’s named executives will take a 50% salary cut, while 70% of employees will take a 20% salary reduction.

The company said it has also curtailed spending on contractors and third-party vendors and has reduced discretionary expenses related to client service. Aon said it intends to preserve its dividend.

The stock, which was still inactive in premarket trading, has dropped 17.2% over the past three months, while the S&P 500 has lost 12.5%.