Newsdeck

Newsdeck

FT chief returns part of salary after staff anger

Financial Times CEO John Ridding speaks during the Gala evening of the 5th Business Luxury Summit at Sporting Club in Monaco 15 June 2009. The event takes place from 14 - 16 June 2009. EPA/BRUNO BEBERT CORBIS OUT

The chief executive of the Financial Times, John Ridding, is to return some of his pay from last year following staff criticism, the business daily reported on Thursday.

 

In a note to employees, he said he would return a 2017 pay increase which took his total package to more than £2.5 million (2.8 million euros, $3.2 million) — a 25 percent jump on the previous year, the FT said.

Ridding’s pay increase was £510,000, and after tax, the amount returned to the company will be about £280,000.

He said “the first call on these resources” would be a fund to “support the advancement of women into more senior roles at the FT and reduce the gender pay gap”.

The National Union of Journalists welcomed the move but said it “does not go far enough”.

It had complained that Ridding’s pay appeared to represent more than half of the FT’s £4 million operating profits from 2017.

The firm said that figure did not represent earnings of its global business, which were above £20 million, the FT reported.

The NUJ also said the rise “makes a mockery of any concept of fairness” after “years of negligible pay rises and real-term pay cuts” for staff, as well as squeezed resources and pension reforms.

A survey by the High Pay Centre and the Chartered Institute of Personnel and Development published this week found the average annual pay packet of Britain’s top executives jumped 23 percent in 2017, and was 160 times the average full-time wage. DM

Gallery

Please peer review 3 community comments before your comment can be posted

X

This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.


Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Daily Maverick Elections Toolbox

Feeling powerless in politics?

Equip yourself with the tools you need for an informed decision this election. Get the Elections Toolbox with shareable party manifesto guide.