StockMarketWire.com - Primark owner Associated British Foods said its chief executive and finance director had requested to take a temporary 50% pay cut as the company tightens its belt in anticipation of weaker-than-expected earnings amid the Covid-19 pandemic.

'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,' Associated British Foods said.

Associated British Foods said it had accepted a request from George Weston, CEO, and John Bason, to have their base be reduced temporarily by 50%, while bonuses related to the current financial year would also be forgone. Paul Marchant, Primark CEO, had also requested that his base pay be reduced temporarily by 50%.

The non-executive directors of the ABF board, including the chairman Michael McLintock, had decided that their fees should be reduced temporarily by 25%, the company added.






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