Formula 1 Chief Executive Chase Carey Takes Pay Cut
Formula 1 chief executive Chase Carey is to take a significant but undisclosed pay cut, with around half of F1’s 500 staff placed on furlough.
Formula One’s senior management and executives, including managing director of motorsports and technical director Ross Brawn, are to take 20 per cent pay cut for two months.
Three Formula 1 teams – Williams, Racing Point and McLaren – have already put sections of their workforce on temporary leave, with each of their drivers taking a pay cut.
F1 teams are officially in a period where they can exercise three-week factory shutdowns after the sport’s summer break was brought forward.
That currently runs until the end of April but is expected to be extended amid the uncertain plans surrounding the start of the 2020 season.
The new campaign is currently not scheduled until at least the middle of June owing to the coronavirus pandemic but is still uncertain to when it will resume due to acceleration rate of the pandemic .