Richard Pennycook’s basic annual pay will be cut from £1.25m to £750,000 and with other incentives being reduced his salary will drop by around 60%.
The chief executive of the Co-operative Group has reduced his own pay by almost 60%.
Richard Pennycook’s basic annual pay will be cut from £1.25m to £750,000 and with other incentives being reduced his salary will drop by around 60%.
In a statement the Co-operative said: “With the Rescue of the Co-op complete, and the rebuild of the group well under way, chief executive Richard Pennycook has also requested that his remuneration package be reduced substantially.
“Following discussions, and with the full agreement of the Board, his maximum total remuneration will fall by nearly 60%.”
Allan Leighton, Co-op chairman, said: “The move by Richard to reduce his pay shows the Co-op difference in action, as we champion a better way to do business for our members and their communities.”
