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Barometer

The chief executives who volunteer for pay cuts

Also in our Barometer column: the cost of tax evasion, the lives of farm animals, and aid for tax havens

16 April 2016

9:00 AM

16 April 2016

9:00 AM

Boss cuts

The chief executive of the Co-operative Group, Richard Pennycock, asked for a pay cut, saying his job had got easier now that the business is more steady — not to mention smaller. His basic pay will fall from £1.25m to £750,000 and his overall pay will drop 60%. Some other bosses who have recently taken pay cuts:
— Coca-Cola CEO Muhtar Kent took a 42% pay cut last year, with his overall package falling from $25.2m

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