Primark executives and seniors at parent company Associated British Foods (ABF) have slashed their pay by 50 per cent amid the coronavirus outbreak.
Primark Chief Executive Paul Marchant, ABF Chief Executive George Weston and the group’s Finance Director John Bason have all requested for their base pay to be temporarily slashed by 50 per cent during the pandemic.
Meanwhile, all non-executive directors on the ABF board, including Chairman Michael McLintock, have seen their base pay cut by 25 per cent.
“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,” ABF said. “The board is acutely aware that many Primark employees will see their livelihoods affected by Covid-19. Measures to reduce operating costs across Primark continue to be developed and implemented.”
