Woolworths’ Board Showering Generosity; Voluntary Pay Cuts

  • Nov 27, 2019 AEDT
  • Team Kalkine

In a statement to the Exchange, Woolworths Group Limited (ASX: WOW) announced its plans to take remuneration cuts by senior executives in a bid to acknowledge the misconducts related to payment shortfalls to its employees.

Mr Brad Banducci, CEO of Woolworths, has decided not to take the FY 20 short term bonus, which was expected to be $2.6 million.

In response, the Chairman of the group – Mr Gordon Cairns, has announced his plans to take a 20% reduction in Board fee for FY 20.

By 1:31 PM AEST, WOW was trading at $39.58, up by 1% relative to previous close.

 

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