PARIS (Reuters) – Franois-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering , has agreed to a pay cut in the latest example of top executives accepting lower salaries as a gesture of solidarity during the coronavirus crisis.
“Given the current context of the COVID-19 pandemic and its impact on economic activity, Franois-Henri Pinault, Chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25% from April 1st, until the end of 2020,” Kering said on Friday.
“In addition, Franois-Henri Pinault and Jean-Franois-Palus, Group Managing Director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020,” added the company.
(Reporting by Sudip Kar-Gupta; Editing by Mark Heinrich)
