Michelin: directors agree to pay cut
(CercleFinance.com) - The tyre maker has announced that Managing Partners, the Executive Committee, as well as the Chairman and independent members of the Supervisory Board are reducing their remuneration.
Florent Menegaux and Yves Chapot, Managing Partners of the Michelin group, have chosen to reduce their remuneration by around 25% for the months of April and May 2020.
The members of the Group Executive Committee have voluntarily decided to reduce their remuneration by around 10% over the same period.
Management said that "These reductions will be continued as long as Group employees are in partial activity due to the Covid-19 health crisis".
This reduction will be renewed as long as Group employees are in a situation of partial activity due to the Covid 19 health crisis, management said.
Florent Menegaux and Yves Chapot have also said they will give up part of their 2019 variable remuneration to be received in 2020.
Finally, Michel Rollier, the chairman of Michelin's Supervisory Board, and its independent members join this effort by donating 25% of their attendance fees received in 2020 to foundations in their respective countries, in the fight against Covid 19.
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