Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

AB Foods’ Top Executives Take Voluntary Pay Cut

Associated British Foods has announced that its chief executive officer George Weston and finance director John Bason have opted for a 50% reduction in their basic salary in light of the COVID-19 pandemic.

Chief executive of Primark, Paul Marchant, has also requested a temporary 50% reduction in his base pay.

The company has also decided to not pay the bonuses of its executive directors for the current financial year.

The non-executive directors of the ABF board, including the chairman Michael McLintock, have decided that their fees should be reduced temporarily by 25%, AB Foods added.

The company feels that these measures are appropriate as its full-year earnings will be much lower than envisioned at the beginning of the financial year.

According to a trading update on 23 March, the group did not see a material impact in its sugar, grocery, ingredients, and agriculture businesses.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days