Marshalls Directors take 20% pay cut
The executive team and board of directors of Marshalls have agreed to take a 20% pay-cut to contribute to the long-term sustainability of the business.
At the end of March the company put some of its employees into furlough due to the coronavirus pandemic, with a commitment to top up salary levels to 100% for the first three weeks - since extended for a further three weeks, so they get 100% pay until 5 May.
To show solidarity, the directors have decided they will take a 20% pay cut in further support of the long term health of the major PLC.
Martyn Coffey, CEO of Marshalls, said: "The health, safety and wellbeing of our staff is our first priority and I continue to be thankful of the support we get from our people. While some staff are temporarily in furlough, others remain working to supply product to critical projects such as new hospitals and Covid-19 testing facilities.
"We all have a part to play in whichever way we can to ensure the future of Marshalls. In this vein, our entire executive team and board have agreed to take a 20% pay-cut to contribute to the long-term sustainability of the business, while continuing to run the company and focus on critical work.”
To comply with Scottish law, where all non-esential work has now been banned, Marshalls shut down its operations in Scotland on Friday (3 April) and it is not taking any new orders for delivery in Scotland. Marshalls continues to supply customers elsewhere in the UK.
Martyn Coffey says: "We remain focussed on following the latest advice that comes from Government, while enabling our customers to access a steady product supply for their critical work."
There is a report on recent developments at Marshalls and its investment and focus on natural stone in this month's edition of Natural Stone Specialist magazine.