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FT boss to present again a part of $three.three million wage after employees complain

LONDON (Reuters) – Financial Times Chief Executive John Ridding is to present a few of his 2.6 million pound ($three.three million) wage again to the company after a gaggle of the newspaper’s reporters complained about his pay, in keeping with an e-mail to employees seen by Reuters.

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/File Photo

Earlier this month Steve Bird, joint head of the paper’s National Union of Journalists group, wrote to FT editors and journalists throughout the world, saying Ridding’s pay was absurdly excessive and that he ought to give some again to assist these on decrease salaries.

Ridding mentioned his wage was established by Japanese media group Nikkei, which purchased the Financial Times in 2015, and was independently assessed and “highly performance-related”.

“While our performance has been strong, I recognize that the size of the consequent jump in my own total reward in 2017 feels anomalous and has created concerns,” he wrote. Ridding mentioned 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 mentioned “the first call” on the cash can be a girls’s improvement fund to spice up the newspaper’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 mentioned.

Nikkei, which paid $1.three billion for the Financial Times, mentioned the company was very happy with the expansion of the newspaper below Ridding and his crew, 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 mentioned in a press release.

Reporting by Kylie MacLellan; Editing by Mark Potter

Our Standards:The Thomson Reuters Trust Principles.

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