AB Foods CEO, FD take voluntary 50% pay cut
By Frank Prenesti
Date: Friday 03 Apr 2020
(Sharecast News) - Primark owner Associated British Foods said its chief executive and finance director had volunteered to take a 50% pay cut in response to the coronavirus pandemic.
CEO George Weston finance director and John Bason, Finance Director requested the reduction in base salary as had Primark chief Paul Marchant. ABF added that executive bonuses for the current financial year would be axed and non-executive director fees reduced temporarily by 25%.
"The board, including the executive management team, believes that these steps are appropriate given its expectation that full year earnings will now be much lower than envisaged at the start of the financial year. The board is acutely aware that many Primark employees will see their livelihoods affected by Covid-19," ABF said in a statement.
The company last month said it had not seen a material impact in its sugar, grocery, ingredients and agriculture businesses. Measures to reduce the operating costs at the retailer Primark continue to be developed and implemented as government lockdowns forced store closures.
The group had ?1.7bn of cash at the close of business on Thursday, ABF said.
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