Is this Britain’s largest fats cat… even after taking enormous pay reduce? Boss of self-storage agency Safestore takes residence 315 times his common employee’s pay
Windfall: Frederic Vecchioli
The boss of a number one self-storage agency can lay declare to the doubtful title of being Britain’s largest fats cat… even after taking an enormous pay reduce.
Frederic Vecchioli, chief government of Safestore, took residence £8.4 million final yr – a whopping 315 times more than the common pay of his workers.
It is the biggest pay hole between a chief government and the rank and file workers of any quoted firm, based on the High Pay Centre.
‘This is proof of an organization which is prioritising profitable pay packages for its high executives, quite than paying its workers what they should make it via a cost-of-living disaster,’ stated the marketing campaign group’s Andrew Speke.
Vecchioli’s windfall is even more outstanding as he really trousered much less than in 2021 when he took residence £13 million, largely in long-term bonuses linked to share value efficiency. That was 500 times the common worker.
The firm has appeared on the Investment Association commerce physique’s blacklist quite a few times after complaints by shareholders about extreme staff’ pay.
Safestore’s shares have fallen by almost a fifth in the previous yr, valuing the agency at £2.3 billion.
Vecchioli’s payout is essentially based mostly on the share value, which has doubled over the previous 5 years.
‘More than half the workforce at Safestore is being paid much less than the actual dwelling wage,’ Speke stated. After a pause through the pandemic, the general pay hole between bosses and workers is on the rise once more.
The typical chief government at a FTSE 100 firm is now paid more than 100 times the everyday employee’s wage.
Sir Stephen Timms, chairman of the Commons’ Work and Pensions Select Committee, not too long ago advised The Mail on Sunday: ‘Widening pay inequality is not simply unfair, it is damaging the financial system. A tiny quantity accumulates more and more, whereas their staff flip to meals banks to outlive.’
Safestore finance director Andy Jones additionally joined in the bonanza, scooping £5.7 million, albeit down from £8.7 million the earlier yr.
The firm declined to remark.