The chief executive of the Financial Times has taken a million-pound pay cut after disclosures by The Daily Telegraph triggered a newsroom rebellion.
John Ridding's pay for last year was between £1.6 million ($3m) and £1.7m, staff were told. It compares with a package worth £2.6m in 2017.
Ridding's take-home pay in 2018 was further reduced by half a million pounds to between £1.1.m and £1.2m after he agreed to repay part of what he said was an "anomalous" total in the prior year. The funds were due to be channelled into initiatives to support female staff.
The Telegraph revealed a sharp increase in Ridding's pay, which followed the takeover of the FT by the Japanese publisher Nikkei. FT journalists protested that it "breaks the bounds of corporate integrity" and passed a motion of no confidence in Ridding.
In a memo yesterday they were told that his pay is now "equivalent in real terms to his 2015 earnings", when the FT was owned by the education giant Pearson.
