Top Michelin executives agree to pay cuts to help with COVID-19 response

Top Michelin executives agree to pay cuts to help with COVID-19 response

French tyre company Michelin said on Monday that its leading executives had agreed to take pay cuts as a gesture of solidarity to help deal with the negative effects of the hit to its business from the COVID-19 outbreak.

FILE PHOTO: The logo of Michelin Group is seen ahead of a news conference to present the company&ap
FILE PHOTO: The logo of Michelin Group is seen ahead of a news conference to present the company's 2018 annual results in Paris, France, February 11, 2019. REUTERS/Philippe Wojazer/File Photo

PARIS: French tyre company Michelin said on Monday that its leading executives had agreed to take pay cuts as a gesture of solidarity to help deal with the negative effects of the hit to its business from the COVID-19 outbreak.

Michelin said its managing partners Florent Menegaux and Yves Chapot had agreed to reduce their remuneration by around 25per cent for the months of April and May 2020.

Members of its Executive Committee had also voluntarilydecided to reduce their remuneration by around 10per cent during the same period, added the company.

(Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan)

Source: Reuters

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