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
Retailers Macy's, Inc. (M) and Dollar General Corp. (DG) reported on Thursday that net profits for the first quarter declined from last year, with Macy's topping estimates, while Dollar General missed it. Net sales at both retailers missed expectations. Both Macy's and Dollar General also slashed their guidance for the full-year 2023. The U.S. Food and Drug Administration has warned certain retailers against unauthorized sales of popular disposable e-cigarettes, mainly various types of Puff and Hyde brand e-cigarettes. Under the retailer inspection blitz, warning letters have been issued to 30 retailers, including one distributor, for illegally selling such products. All products cited in the warning letters are disposable Tillamook County Creamery Association is recalling a limited quantity of family-size 1.5qt cartons of Tillamook Waffle Cone Swirl ice cream due to undeclared wheat and soy, known allergens, the U.S. Food and Drug Administration said. The Tillamook Waffle Cone Swirl ice cream was mistakenly packaged in a Tillamook Chocolate Peanut Butter ice cream carton.
Follow RTT