Burberry Announces Three-month Pay Cut For Senior Leaders, Directors

Retailer Burberry Group plc (BRBY.L), in its Covid-19 update on Friday, said its senior leaders will take a voluntary 20 percent pay cut from April through June.

Further, the Board of Directors has agreed to a voluntary 20 percent reduction in their base salary and fees from April through June, with the equivalent cash amount to be donated to the Burberry Foundation COVID-19 Community Fund.

Over the next few months, the company will continue to maintain base pay for all employees who are unable to fulfil their roles because of store or site closures. The company also said it will not rely on government support for jobs in the UK where more than a third of its employees are based.

The company's trench coat factory in Castleford is now manufacturing non-surgical gowns and supplying them to the UK National Health Service.

The firm is also sourcing surgical masks through supply chain and supplying them to the NHS and charities. To date, the company has donated more than 100,000 pieces of PPE.

The company will now publish annual preliminary results on May 22 rather than May 14.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
McDonald's says equal pay for women is just the beginning, while conforming that the fast-food giant pays women globally 99.85 cents on the dollar for similar work, taking into account legitimate pay drivers such as level, location, experience, and performance. The company added that it is on track to close that identified gap in 2022. Verizon Communications Inc. (VZ) said, on an adjusted basis, its third-quarter earnings per share rose 12.8 percent from a year ago. The company said its earnings were highlighted by revenue and customer growth as more than one in four Consumer wireless phone customers now have a 5G-capable device. The... While reporting financial results for the third quarter on Wednesday, Abbott Laboratories (ABT) raised its earnings and adjusted earnings guidance for the full-year 2021. For fiscal 2021, the company continues to project earnings from continuing operations in a range of $3.55 to $3.6 per share and...
Follow RTT