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Penney's Owner AB Foods’ Top Executives Take Voluntary Pay Cut

Published on Apr 5 2020 3:34 PM in Retail tagged: Featured Post / Associated British Foods / Primark / ABF

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.

'Appropriate' Measures 

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.

News by Reuters, edited by Donna Ahern, Checkout. Click subscribe to sign up for the Checkout print edition.

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