Cushman & Wakefield’s president John Forrester will forgo 20% of his base salary until 31 December this year, from 1 May onwards.
Chief executive Brett White has meanwhile agreed to cut his base pay by 25% from 20 April, while chief financial officer Duncan Palmer and chief operating officer Michelle MacKay will each reduce their salaries by 20%.
The proceeds from these pay reductions will go towards the agency’s newly launched Global Employee Assistance Fund, which forms part of a $5m (£4m) commitment to employee assistance initiatives for those impacted by the Covid-19 pandemic.
The fund has two components to provide financial relief to employees: the Immediate Relief Fund, which addresses an immediate need by disbursing up to $250 to impacted employees who submit a request; and the Disaster and Hardship Fund, which is a larger payout for those more significantly impacted by the crisis.
White said: “We have a responsibility to care for our employees with the same level of dedication that they’re showing our clients right now.
“Thousands of our janitors, tradespeople and building managers leave the safety of their homes each day to ensure that essential buildings are clean, safe and operational during this pandemic.”
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