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Westfield executives and senior management team take 25% pay cut

Tom Shearsmith
08 April 2020

Senior Executives at shopping centre owner Unibail-Rodamco-Westfield will donate 25% of their pay to help support the fight against COVID-19.

As a sign of solidarity with all employees, and with the full support of the Supervisory Board, the Group CEO, Christophe Cuvillier, the Group CFO, Jaap Tonckens, and all members of the Group’s Senior Management Team have taken the initiative to reduce their pay by 25% for the period during which the partial activity measures will be in place.

In recognition of the move, members of Westfield's Supervisory Board have also chosen to reduce their fees by the same percentage, alongside all Senior Executives of the Group’s US and European management committees deciding to reduce their fixed income by 20% during this period.

The unpaid sums will be donated to support efforts to fight the COVID-19 crisis in all countries in which the group operate.

The group has recently implemented partial activity measures in various countries to protect its employees, preserve employment where possible and to allow a swift return to full capacity as soon as health and safety conditions permit.

Westfield remains partially closed in the UK, with only the large food stores remaining open and distancing measures implemented to reduce potential risks.

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