Coronavirus: 25% salary cuts for Westfield bosses

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Unibail-Rodamco-Westfield URW Christophe Cuvillier Jaap Tonckens covid-19
URW's CEO Christophe Cuvillier, CFO Jaap Tonckens and entire senior management team agreed to temporary pay cuts
// Unibail-Rodamco-Westfield execs to donate 25% of income to Covid-19 causes
// The donation comes as “a sign of solidarity with all employees”

Unibail-Rodamco-Westfield executives have said they will donate 25 per cent of their salary to Covid-19 relief efforts.

Chief executive Christophe Cuvillier, chief financial officer Jaap Tonckens and the entire senior management team have agreed to temporarily cut their remunerations by 25 per cent.

The donation comes as “a sign of solidarity with all employees”.


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Meanwhile, Westfield’s supervisory board will also reduce fees by a quarter, and all senior executives of the group’s EU and US management committees have agreed to reduce their fixed income by 20 per cent.

The pay cuts will be for the period in which the group’s “partial activity measures” are in place.

These measures have been implemented to ”protect employees, preserve employment where possible and to allow a swift return to full capacity as soon as health and safety conditions permit”.

Last month, the shopping centre giant said its primary focus is on “protecting the health and safety of its employees, tenants, and visitors”.

Westfield added it was “carefully monitoring” the latest health guidelines issued by the World Health Organization, as well as national, regional and local governments and is adapting its operations accordingly.

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