Associated British Foods Executives, Board Cut Their Salaries Amid Pandemic
April 03 2020 - 2:50AM
Dow Jones News
By Matteo Castia
Associated British Foods PLC said Friday that Chief Executive
George Weston and Finance Director John Bason have temporarily
halved their salaries in a cash-retention effort as it sees fiscal
2020 earnings "much lower than envisaged" at the start of the
year.
The British conglomerate--which houses clothing retailer
Primark--said bonuses relating to fiscal 2020 won't be paid either
amid the coronavirus crisis.
Primark Chief Executive Paul Marchant has also halved his salary
for the duration of the pandemic, while Associated British Foods
Chairman Michael McLintock and nonexecutive directors of the board
have decided to temporarily reduce their compensation by 25%.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 03, 2020 02:35 ET (06:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Apr 2023 to Apr 2024
