Regus finance director works for free
The finance director and chief executive of troubled office provider Regus are working for free as part of drastic measures to keep the company afloat.
FD Stephen Stamp and CEO Mark Dixon waived their salaries at the same time as announcing 800 job cuts and losses of nearly Pounds 100m during the last three months.
Stamp’s annual salary was Pounds 160,000, compared to Dixon’s Pounds 400,000 package, but both would have been buoyed by the news that Regus’ shares leapt 87% to 36p on Friday on the back of the announcement.
Regus, which provides offices for the ICAEW as part of its new regional network, has mothballed 11% of its capacity and halted its centres opening programme to stem its losses.