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Coronavirus: Westfield bosses take 25% pay cut

Bosses at shopping centre owner Unibail-Rodamco-Westfield (URW) will donate 25% of their pay to help support the fight against Covid-19. 

URW chief executive Christophe Cuvillier, chief financial officer Jaap Tonckens and all members of the group’s senior management team have agreed to temporarily cut their remunerations by 25% “as a sign of solidarity with all employees”. 

Members of URW’s supervisory board will also reduce their fees by a quarter, and all senior executives of the group’s American and European management committees have decided to reduce their fixed income by 20%. 

The unpaid sums will be donated to support efforts to fight the Covid-19 crisis in all countries in which the group operates.

The pay cuts will be for the period in which the group’s “partial activity measures” are in place. 

These measures have been implemented to ”protect employees, preserve employment where possible and to allow a swift return to full capacity as soon as health and safety conditions permit”. 

 

 

 

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