Grafton CEO, CFO volunteer to take 20% pay cut due to Covid-19
By Michele Maatouk
Date: Wednesday 08 Apr 2020
(Sharecast News) - Building materials company Grafton said on Wednesday that its chief executive and chief financial officers have volunteered to take a pay cut amid the coronavirus outbreak.
CEO Gavin Slark and CFO David Arnold have requested that their base salaries and pension contributions be temporarily reduced by 20% with immediate effect. They have also requested the suspension of the 2020 bonus scheme and the postponement of awards under the Long Term Incentive Plan, scheduled to be granted in April 2020.
Chairman Michael Roney and the company's non-executive directors have also decided their fees should be temporarily cut by 20% with immediate effect.
"The board believes that these measures are appropriate given that the Covid-19 virus will lead to a material decline in revenue and profitability over the coming months as previously announced in the Covid-19 Update that was issued on 24 March 2020," Grafton said.
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10 Lower Thames St,
London EC3R 6EN