IWG board takes 50% pay cut

The board of IWG has announced its directors will halve their pay in order to reduce the group’s costs as a result of coronavirus disruption. The flexible office provider said the board, including chief executive Mark Dixon and chief financial officer Eric Hageman, will reduce their fees and salaries by half “during this challenging period”. Its Q1 trading update has been pushed back a month to 28 May, and will now cover the four-month period ending 30 April 2020. It follows the company’s announcement last month that it put its £100m share buyback programme on ice as a result of the growing impact of coronavirus on global business. It proposed the share buyback programme in its results for the six months to 30 June 2019 and although £27.5m had already been pumped into the scheme, the company suspended the programme. IWG also decided not to pay the 4.8p final dividend declared in the company’s 2019 results, and it will not be proposed at an AGM to be held on 12 May. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette