New City & Guilds owners tripled bosses’ pay amid £22m cost-cutting drive
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The new owners of City & Guilds (C&G), PeopleCert, have reportedly tripled the pay of its top six executives, increasing it to £6.2m, since acquiring the vocational training body in October. This increase includes over £4m in one-off bonuses, including £1.7m for the CEO and £1.2m for the finance director, who are now on leave pending an investigation into the sale. The pay increases coincide with a £22m cost-cutting initiative at C&G, involving a reduction in the UK workforce and relocation of jobs to Greece. The sale of C&G's qualification awards business from its former owner, the UK charity City & Guilds London Institute (CGLI), to PeopleCert is already under investigation by the Charity Commission due to million-pound bonuses paid to executives after the privatization. PeopleCert has declined to comment on the executive pay increase.
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