Grafton bosses volunteer to reduce base salaries by 20%

14 April 2020


Top bosses at nationwide merchanting giant Grafton Group plc have volunteered to reduce their salaries in response to the Covid-19 situation.

Grafton runs the Buildbase, Selco, MacBlair, Chadwicks and Woodie’s brands, as well as The Timber Group – formed from the merger of the Beaumont, T Brewer and L&G businesses.

Updates to the renumeration of the Grafton Board in response to the impact of the virus on its markets and business include CEO Gavin Slark and CFO David Arnold voluntarily requesting that their base salaries and pension contributions are temporarily reduced by 20% with immediate effect.

They have also 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, for further consideration by the Remuneration Committee following the announcement of this year's interim results.

The chairman Michael Roney and the non-executive directors have also decided that their fees should be temporarily reduced by 20% with immediate effect.

“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 as previously announced in the Covid-19 Update that was issued on 24 March 2020,” Grafton said.