Michelin managing partners, the executive committee, as well as the chairman and independent members of the supervisory board are to reduce salaries.
Managing partners, Florent Menegaux and Yves Chapot, have chosen to cut their remuneration by around 25% for April and May, 2020.
Go deeper with GlobalData
In addition, Group executive committee members have voluntarily decided to reduce their remuneration by around 10% during the same period. These reductions will be continued as long as Group employees are in partial activity due to the Covid-19 health crisis.
Menegaux and Chapot have also expressed their will to give up part of their 2019 variable compensation paid in 2020, once submitted to the vote of the shareholders at the annual general meeting to be held behind closed doors on 23 June, 2020.
Michelin Group supervisory board chairman, Michel Rollier and its independent members are donating 25% of their attendance fees received in 2020, to foundations in their respective countries, which are part of the fight against Covid-19.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
