Penneys owner cuts executive salaries

The bosses of clothing retailer Primark — which trades here as Penneys — are to take a 50% temporary pay cut as the business continues to cut costs in the face of the disruption caused by the Covid-19 spread.

Primark’s chief executive Paul Marchant, along with George Weston and John Bason — CEO and finance director, respectively, of Primark owner Associated British Foods (ABF) — will take 50% cuts. ABF’s non-executive directors will take a 25% cut.