The boss of Mothercare, the struggling UK mother and baby products retailer, who was sacked 44 days ago returned to work today but with a £132,000 pay cut.
Mothercare said Mark Newton-Jones had re-joined the board as chief executive on an annual salary of £480,000. First time round he was on £612,000.
"In recognition of Mothercare's financial position and the support for the restructuring and refinancing given by multiple stakeholders, Mark has taken a significant pay cut," the firm said.
Mothercare had called its financial condition "perilous" yesterday.
Newton-Jones was ousted as CEO on April 4 by then chairman Alan Parker after serving in the post for nearly four years.
Parker himself abruptly retired on April 19 and was succeeded by interim executive chairman Clive Whiley.
Whiley then brought Newton-Jones back, shifting David Wood from the CEO role to the group managing director post. The terms of Wood's employment contract are unchanged.
Mothercare said yesterday that Newton-Jones would return and detailed a major restructuring that would involve closing 50 stores and a £113.5m refinancing. The company also reported a £73m annual loss.
The restrucuturing plan will have no impact on Mothercare Ireland, which is a separately-owned business operating 15 Irish stores under the brand.
