Top bosses at Primark owner Associated British Foods (ABF) will temporarily cut their salaries by 50%, and will not receive dividends for the current financial year, in response to the fallout from the coronavirus crisis.
ABF chief executive George Weston, finance director John Bason and Primark chief executive Paul Marchant have all requested a temporary 50% reduction in their base pay, and executive director will receive no dividends for the year.
The non-executive directors of ABF, including chairman Michael McLintock, will also reduce their salary by 25%.
ABF said: “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.
“The board is acutely aware that many Primark employees will see their livelihoods affected by Covid-19.”