The CEO of Woodie’s DIY owner Grafton Group, Gavin Slark, along with the company’s chief financial officer, David Arnold, have requested that their salaries and pension contributions are temporarily reduced by 20pc with immediate effect.
They have also voluntarily requested the suspension of Grafton’s bonus scheme for this year, and the postponement of awards under the long term incentive plan, scheduled to be granted this month.
Meanwhile, the company’s chairman, Michael Roney, and the non-executive directors have also decided that their fees should be temporarily reduced by 20pc straight away.
The company has recently been forced to shut down almost all of its DIY and builders merchanting shops across Ireland and the UK in order to help contain the spread of the coronavirus.
In March Grafton warned the Covid-19 outbreak will lead to a "material" decline in revenue and profitability over the coming months.