Penney's Owner 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.