(Alliance News) - Housebuilder Persimmon PLC on Thursday said its board has decided to take a pay cut and forgo bonuses until the construction work has recommenced on the company's sites.
In March, Persimmon announced a number of measures in response to the Covid-19 pandemic, including a temporary closure of all sales outlets and an orderly shutdown of its construction sites.
The FTSE 100-listed company said its executive directors have elected to take a voluntary, temporary 20% reduction in base salary effective from April 1 and will forgo any cash bonuses which may have been payable for 2020. Non-Executive Directors have also decided to reduce their fees 20% from the same date.
Shares in Persimmon closed at 1,693.92 pence each in London on Thursday, down 0.8%.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Persimmon (PSN)