Coronavirus: Frasers Group to cut exec team salary to £40k

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Mike Ashley Frasers Group pay cut coronavirus Covid-19
The billionaire chief executive Mike Ashley has pledged to pay staff for the next month
// Frasers Group to cut exec team salary from May
// Annual salaries will be cut to only £40,000
// Warehouse staff, including those on zero hours contracts, would get their full salaries for this month

Mike Ashley has informed the executive team of Frasers Group that they will have their annual salaries cut to only £40,000 after April.

The billionaire retail tycoon pledged to pay all staff for the next month, informing them on Tuesday that it had guaranteed salaries until the end of April.

While warehouse staff, including those on zero hours contracts, would get their full salaries for this month, Ashley couldn’t commit to paying them beyond that.


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Ashley himself does not take a salary from Frasers Group but owns 62 per cent of the company.

He said that the senior management team had taken a voluntary pay cut to reduce their basic pay to a maximum of £40,000 a year.

Finance chief Chris Wootton had been due to take a basic salary of £150,000 this year.

Ashley said the pay cuts were a way of showing support towards securing the future of Frasers Group.

The news comes after Ashley issued a public apology over his attempts to keep Sports Direct shops open despite the nationwide lockdown due to the coronavirus pandemic.

Frasers Group was criticised for potentially risking workers’ health by reportedly disobeying Covid-19 safety standards inside its warehouses, and lashed out at temporary recruitment agencies that provided thousands of staff to its Derbyshire depot.

Last week, Ashley apologised for “ill-judged and poorly timed” emails to the government and poor communication with employees and the public.

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3 COMMENTS

  1. For all of those people who like to bash Mike Ashley, Britain’s best retailer, with this statement you see that actions speak louder than words.

    Living in the real world real people are being paid. The upper management has adjusted to a changing world and taken voluntary pay cuts. As we emerge from the post coronavirus economy, this man and his company will have greater importance.

    I believe Mike Ashley is deserving of some well-justified credit for his actions.

  2. He might not take a salary from HoF but he is a Billionaire & he should support his people to pay them. He’s already shown his true self by not paying his non playing staff at his football club. First rule of being a Leader (not a manager) put your people first & be consistent. Let’s not forget he tried to keep sports direct open & when he couldn’t told staff they would still have to go in if they wanted pay.

  3. Don’t believe the lies. Contract staff are being asked to go home without pay or use holidays and they won’t furlough them for some reason. Some of the agencies are putting their staff on 80% the others nothing at all. Don’t be so ready to believe what the fraser group is saying.

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