Safestore chief’s wage minimize by huge £12m

He was once one of Britain’s highest-paid bosses.

But Frederic Vecchioli has seen his pay slashed by more than £12 million after shares in the self-storage group he runs fell off the shelf.

In what is believed to be one the biggest pay cuts of its kind, the chief executive of Safestore got by last year on just £615,000 after a lucrative but controversial bonus scheme paid out nothing.

That’s quite a come down from the £13 million he pocketed in 2021.

Vecchioli took home 500 times more than his typical employees that year, meaning he made more in half a working day than they did all year. It led to Safestore being dubbed Britain’s most unequal quoted company.

Safestore’s shares tanked as housing market activity declined. It does well when more people move home and have to store their stuff.

Money’s too tight to mention: Safestore’s shares tanked as housing market activity declined

The company admitted it had got it wrong on Vecchioli’s package, which has been tweaked so it is less dependent on the vagaries of the stock market.

But his salary still rose by 18 per cent this year to £665,000.

Vecchioli’s pay is now 20 times that of an average worker at the firm, which is a low ratio by the standards of a FTSE 250 company.