Michelin executives agree to pay cuts in COVID-19 fight
Petre Barac
Posted On April 6, 2020
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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 25% for the months of April and May 2020, Reuters reads.
Members of its Executive Committee had also voluntarily decided to reduce their remuneration by around 10% during the same period, added the company.
