Primark execs take 50% pay cut
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Primark bosses have revealed that they will slash their pay in half in light of the ongoing coronavirus crisis.
George Weston, chief executive of parent group Associated British Foods, and finance director John Bason have both requested that their base pay be reduced by 50% on a temporary basis.
Paul Marchant, chief executive of Primark, has also requested that his pay be reduced temporarily by half.
Bonuses relating to the current financial year will not be paid to executive directors, while non-executive directors of the ABF board have decided that their pay will be reduced temporarily by 25%.
In a statement, ABF said: “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.”
In its latest update, the group also said it has not seen a “material impact” in its sugar, grocery, ingredients and agriculture businesses.
Measures to reduce the operating costs at Primark continue to be “developed and implemented”, while the group retains a strong balance sheet and some £1.7bn of cash.
