Product Mart Discontinues The Employee Education Fund Program
July 15, 2023 -
Product Mart has recently announced that a vote that took place during Monday's Corporate Meeting For Fiscal Year 2023 Quarter 4 to end the Employee Education Fund, which previously invested in the education of over 2.2 million Product Mart associates. The vote has officially ended the program, which comes as a response to November's cyber attack which lost Product Mart over 288 billion dollars. The cyber attacks also crippled Product Mart's Corporate Partners' investments, which Product Mart is slowly paying back.
"We are always looking for ways to support our employees and associates to ensure they receive the help and support that they may need in terms of education, retirement benefits and health and other wellness programs," said CEO Ronald Chlabowy. "Sadly however, the November Cyber Attacks have crippled the funding that we had invested in the Employee Education Fund, as we are legally required to return the money lost by investors due to cyber attacks which is required by Jesstopian Federal Investing Laws. With that said, we were unable to support the program due to these legally required payments to Product Mart Investors."
Product Mart executives and board members voted, 45-5 to eliminate the program all together, and said that "programs that don't serve essential functions within the company, will likely be cut as well." The company is always looking to invest in associates and plans to establish other programs are being discussed.