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Financial Times boss to return a few of 2.6 million pound pay after workers protest

LONDON (Reuters) – Financial Times Chief Executive John Ridding is to pay again a few of his 2.6 million pound wage after a bunch of the newspaper’s reporters complained about his pay.

FILE PHOTO: Financial Times Chief Executive Officer John Ridding reacts throughout an interview with Reuters on the Financial Times headquarters in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett

Steve Bird, joint head of the National Union of Journalists on the newspaper, wrote to FT editors and journalists this month saying Ridding’s pay was absurdly excessive and calling for him to present some again to assist these on decrease salaries.

Ridding stated in an e-mail to workers, which was seen by Reuters, that his wage had been set by Japanese media group Nikkei, which purchased the FT for $1.three billion in 2015, including it was independently assessed and “highly performance-related”.

“While our performance has been strong, I recognise that the size of the consequent jump in my own total reward in 2017 feels anomalous and has created concerns,” he wrote. Ridding stated he had determined his remuneration must be restructured.

“For now, I have decided to reinvest into the FT the increase awarded in 2017, which is 510,000 pounds before tax.”

Ridding stated “the first call” on the cash can be a girls’s improvement fund to spice up the FT’s efforts to advertise girls to extra senior roles and cut back the gender pay hole.

“The balance of funds will be used to help meet the company’s overall financial objectives,” he stated.

UNION CALLS FOR ACTION

The journalists’ union on the FT unanimously handed a decision welcoming Redding’s actions, however stated they didn’t go far sufficient and demanded larger pay for trainees and above-inflation pay will increase for different workers.

Ridding also needs to make clear what he can be paid this yr, and forego his bonus for 2018, the decision stated.

“We believe the company should respond to the widespread anger among staff as a matter of urgency,” the newspaper’s union chapel stated in a press release.

“If we do not receive a timely response to all of our demands, we instruct chapel reps to place this matter into dispute and take such steps as may be necessary, up to and including balloting for industrial action.”

Nikkei stated in a press release it was very glad with the expansion of the newspaper underneath Ridding and his workforce, and the success of the FT-Nikkei partnership.

“We respect and support his proposal to adjust his remuneration to refocus attention on the FT’s mission,” it stated.

Reporting by Kylie MacLellan; extra reporting by Alistair Smout; Editing by Mark Potter and Alexander Smith

Our Standards:The Thomson Reuters Trust Principles.

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