Over 1,000 jobs could be lost at the business, where the CEO and CFO are paid over 1.5 million euros per year
Translated by Thomas Ansell
FrieslandCampina, the dairy co-operative based partially in Leeuwarden, saw its profits drop by over three quarters in the last year due to a mixture of the Coronavirus pandemic and high re-organisation costs. This has led the company to scrap around 1,000 jobs, reports the Omrop Fryslân.
Profits of around 79 million euros are down about 72 percent on the year before. CEO Hein Schumacher has said that the company will be unable to make supplementary payments to its member farmers, and no member bonds will be issued.
Though around 11 billion euros was made by the company thanks to online sales, its lucrative hospitality supply business has been hit hard in the last year. The shutting of the Hong Kong/Chinese border last year also affected sales.
In November the company announced that it will be scrapping 1,000 jobs across the Netherlands, Belgium, and Germany.
As reported by Boerderij.nl, in 2020 the CEO (Hein Schumacher) and CFO (Jaska de Bakker) both received 15 percent pay increases to their eye-watering pay packets. Both were due to share a pay pot of 3 million euros per year.