Top bosses at Primark operator Affiliated British Foods (ABF) will quickly cut their salaries by 50%, and will not acquire dividends for the present money 12 months, in response to the fallout from the coronavirus crisis.
ABF main executive George Weston, finance director John Bason and Primark main executive Paul Marchant have all requested a momentary 50% reduction in their base shell out, and executive director will acquire no dividends for the 12 months.
The non-executive administrators of ABF, like chairman Michael McLintock, will also lessen their salary by 25%.
ABF reported: “The board, like the executive management group, thinks that these methods are appropriate specified its expectation that complete-12 months earnings will now be a great deal lower than envisaged at the start of the money 12 months.
“The board is acutely knowledgeable that a lot of Primark workforce will see their livelihoods afflicted by Covid-19.”