Stroll to pay himself £1 a year at Aston Martin

The new boss of Aston Martin, Lawrence Stroll, will only pay himself £1m a year, it has emerged.

The news comes as production is set to start again at Aston Martin after over a month of closure at its St Athans plant.

The firm says staff will return to work on May 5 after consultations with staff and trade unions.

Meanwhile, senior leadership has agreed to a voluntary reduction in pay. Non-executive directors are waiving 35% of their fees and the chief executive is waiving 35% of his base salary and will not participate in the 2020 annual bonus plan. Vice presidents are waiving 20% of their base salaries.

Other members of senior management have also been asked to voluntarily waive 5%-10% of base salary depending on salary level. These changes will be applied retrospectively for a three-month period from 1 April and will be kept under monthly review.

In his role as executive chairman, Lawrence Stroll has elected to receive a nominal salary only, of £1 a year.

The majority of the Aston Martin’s workforce is currently furloughed.

In a statement, the firm said: “Those employees who continue to be furloughed from 1 May will receive 80% of their base salaries from then, with the Company topping up the Government’s funding for those whose salaries exceed the maximum support level provided by the Scheme.

“The company continues to monitor and regularly review the situation whilst working closely with all its stakeholders including employees, trade unions, the Government, public health authorities and local communities to protect the safety of its people, protect jobs, and protect the business.”