April 10, 2020 / 7:40 AM / 2 months ago

Kering luxury goods billionaire Pinault agrees to pay cut

FILE PHOTO: Francois-Henri Pinault, Chairman and Chief Executive Officer of French luxury group Kering, attends the annual news conference of Kering at the company's headquarters in Paris, France, February 12, 2019. REUTERS/Benoit Tessier

PARIS (Reuters) - François-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering (PRTP.PA), 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, François-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, François-Henri Pinault and Jean-François-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

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