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City & Guilds Execs Pocket Millions Amid Job Cuts
22 Dec
Summary
- Two executives received millions in bonuses and salary hikes.
- Hundreds of UK jobs may be offshored following sale.
- £22m cost-cutting drive is underway after the business was sold.
Two executives at the organization formerly known as City & Guilds have been awarded substantial bonuses and pay increases shortly after its acquisition by PeopleCert. The chief executive received an estimated £1.7 million bonus and a £100,000 salary raise, while the finance director was awarded approximately £1.2 million and a 30% salary increase.
This lucrative remuneration comes amid a significant £22 million cost-cutting initiative by PeopleCert, which acquired the training and awards business from the City & Guilds London Institute charity in October. The restructuring plans indicate that hundreds of UK jobs may be eliminated or relocated, with approximately a third of roles potentially moving to Greece due to lower labor costs.
The charity owner received between £180 million and £200 million from the sale, intended to secure its charitable objectives. While the commercial training arm now operates under private ownership, details on executive pay and remuneration will be reported in upcoming accounts, adhering to existing bonus schemes and commercial practices.
