French billionaire chairman and CEO of luxury goods group Kering François-Henri Pinault has agreed to a pay cut in the latest example of top executives accepting lower salaries as a gesture of solidarity during the novel 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 1 April, until the end of 2020," announced a Kering representative.
"In addition, François-Henri Pinault and Jean-François-Palus, the group managing director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020,” the company added.
