Retail news round-up on April 7, 2016: Co-op boss asks board to cut his total compensation and Primark's Irish chief financial officer leaves after six years.
Co-op boss Richard Pennycook requests 50% reduction in total pay
The Co-operative Group boss Richard Pennycook has requested his fellow board members cut his total remuneration for this year by more than half, Sky News reported.
The move comes as the rescue programme for the mutual moves into an outright recovery phase.
Pennycook, who took over as Co-op’s chief executive in 2014, has asked for a one-third reduction on his current basic salary of £1.25m.
He is believed to have told colleagues that the pay cut was "the right thing to do for the business", according to one source who said it reflected the market positioning of the organisation and the fact that he was now doing "a significantly different job" to two years ago.
Primark’s Irish finance chief quits to move back to US
Primark has confirmed that its Irish chief financial officer, Aidan Shields, has departed to return to the US with his family after six years at the helm, Irish Independent reported.
A successor to Shields would be named in due course, the fashion giant said.
Shields has closely worked with the retailer’s boss, Paul Marchant. His former roles include working at Gap and KPMG.
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