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Kering luxury goods billionaire Pinault agrees to pay cut

Reuters
·1-min read
FILE PHOTO: Francois-Henri Pinault, Chairman and CEO of French luxury group Kering, attends the annual news conference of Kering at the company's headquarters in Paris

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)