Burberry’s Ceo Takes Pay Cut

U.K. luxury goods retailer Burberry’s (London) profit has dipped below what it was when Christopher Bailey became ceo in 2014. As a result, Bailey took a 75 percent pay cut last year, according to Burberry’s annual report, published Monday.

His salary fell from 7.5 million to 1.9 million pounds without any bonus or other incentive payments to reflect the company is not performing well, according to Bloomberg. As the company uses incentives tied with performance, even for senior management, Bailey won’t see any salary increases this year.