8th Apr 2020 10:36
(Alliance News) - Grafton Group PLC said Wednesday its chair, chief executive officer and chief financial officer have taken a temporary 20% pay cut in order to preserve cash.
Chair Michael Roney, CEO Gavin Slark and CFO David Arnold will have their salaries reduced, effectively immediately.
They also have voluntarily requested the suspension of the bonus scheme for 2020 and the postponement of awards under the long-term incentive plan, scheduled to be granted in April 2020.
The rest of the board have also taken 20% pay cuts.
"The board believes that these measures are appropriate given that the Covid-19 virus will lead to a material decline in revenue and profitability over the coming months," Grafton said.
Shares in Grafton were 5.5% lower in London on Wednesday morning at 567.00 pence each.
By Paul McGowan; [email protected]
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