Windfall: Frederic Vecchioli
The boss of a leading self-storage firm can lay claim to the dubious title of being Britain’s biggest fat cat… even after taking a huge pay cut.
Frederic Vecchioli, chief executive of Safestore, took home £8.4 million last year – a whopping 315 times more than the average pay of his workers.
It is the largest pay gap between a chief executive and the rank and file staff of any quoted company, according to the High Pay Centre.
‘This is evidence of a company which is prioritising lucrative pay packages for its top executives, rather than paying its workers what they need to make it through a cost-of-living crisis,’ said the campaign group’s Andrew Speke.
Vecchioli’s windfall is even more remarkable as he actually trousered less than in 2021 when he took home £13 million, mostly in long-term bonuses linked to share price performance. That was 500 times the average employee.
The company has appeared on the Investment Association trade body’s blacklist numerous times after complaints by shareholders about excessive employees’ pay.
Safestore’s shares have fallen by nearly a fifth in the past year, valuing the firm at £2.3 billion.
Vecchioli’s payout is largely based on the share price, which has doubled over the past five years.
‘More than half the workforce at Safestore is being paid less than the real living wage,’ Speke said. After a pause during the pandemic, the overall pay gap between bosses and staff is on the rise again.
The typical chief executive at a FTSE 100 company is now paid more than 100 times the typical worker’s salary.
Sir Stephen Timms, chairman of the Commons’ Work and Pensions Select Committee, recently told The Mail on Sunday: ‘Widening pay inequality isn’t just unfair, it’s damaging the economy. A tiny number accumulates more and more, while their employees turn to food banks to survive.’
Safestore finance director Andy Jones also joined in the bonanza, scooping £5.7 million, albeit down from £8.7 million the previous year.
The company declined to comment.
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