Coronavirus: Kering CEO takes a pay cut amid the pandemic
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For the past couple of months, Covid-19 pandemic has brought chaos into the world and its economic activity. Consequently, François-Henri Pinault – Chairman and CEO ofKering, decided to reduce his fixed salary by 25%. This decision comes in effect from April 1 until the end of 2020.
In addition, François-Henri Pinault and Jean-François-Palus-the Deputy CEO, have decided to waive all of their variable compensation for the year. These decisions have been validated by the Group’s Board of Directors. The Board will submit a revised 2020 compensation policy to a shareholder vote at the next general meeting.
Earlier this week, Huda Kattan announced she and her family would forgo their salaries until the end of this year. Covid-19 has brought the world economy to a standstill without clear future prospects. It is inspiring to see such actions in support of the industry, the economy, and people.