Coronavirus: Primark execs take pay cuts as Joules raises £15m

Paul Marchant - credit Anthony Woods 4

Executives at Primark and its parent company Associated British Foods (ABF) have slashed their pay in half amid the ongoing coronavirus crisis.

Primark boss Paul Marchant, ABF chief executive George Weston and the group’s finance boss John Bason have all asked for their base pay to be temporarily reduced by 50% during the pandemic.

All non-executive directors on the ABF board, including chair Michael McLintock, have had their fees cut 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.”

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