Co-op boss Murrells takes pay cut to launch Members’ Coronavirus Fund
Co-op boss Steve Murrells has taken a 20% pay cut over the next three months to help the business kick-start its Members’ Coronavirus Fund.
The convenience specialist will use the newly created fund to allow its 4.6 million members to donate unspent rewards from their membership scheme to food banks, frontline community causes and a funeral hardship fund during the heath emergency.
Co-op members currently have existing rewards totalling more than £30m that are yet to be spent.
The mutual’s members receive 5% back every time they purchase the Co-op’s own-brand products or services. The rewards are held in an online wallet to be redeemed against future purchases, but members will now have the option to donate those to the Co-op Members’ Coronavirus Fund.
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