23rd Apr 2020 10:05
(Alliance News) - Luxury car maker Aston Martin Lagonda Global Holdings PLC on Thursday said it plans to restart production at a factory in Wales and added that its key leaders have taken pay cuts, with Chair Lawrence Stroll taking a nominal GBP1 annual salary.
The FTSE 250 firm intends to reopen its St Athan manufacturing facility on May 5.
In Warwickshire, Gaydon's manufacturing operations are planned to resume later, "taking the learnings" from the St Athan reopening.
Aston Martin added: "As part of previously announced mitigation measures in response to Covid-19, Aston Martin Lagonda commenced the process of furloughing employees and has applied for the financial support offered by the government's 'job retention scheme'. The majority of the company's workforce is currently furloughed."
Aston Martin also announced a series of salary reductions in its top team.
The chief executive officer is taking a 35% cut in his salary and the non-executive directors are waiving 35% of their fees.
Vice presidents will take a 20% pay cut while other members of senior management will take cuts between 5% and 10%.
The company added: "These changes will be applied retrospectively for a three-month period from 1 April and will be kept under monthly review.
"In his role as executive chair, Lawrence Stroll has elected to receive a nominal salary only, of GBP1 per annum."
Aston Martin shares were 4.0% higher at 49.90 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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