Building and DIY merchants Grafton Group has said its chief executive Gavin Slark and chief financial officer David Arnold have voluntarily asked that their salaries and pension contributions be temporarily reduced by 20% with immediate effect.
In a statement, Grafton also said the two men have voluntarily requested the suspension of the company's bonus scheme for 2020 and the postponement of awards under its long term incentive plan.
These payments had been scheduled to be granted this month.
Grafton, whichs owns the Woodies DIY chain, also said its chairman Michael Roney and its non-executive directors have decided that their fees should be temporarily reduced by 20% with immediate effect.
The company said it 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.
