Kering luxury goods billionaire Pinault agrees to pay cut

Francois-Henri Pinault, the French billionaire chairman and chief executive of luxury goods group Kering, 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, Francois-Henri Pinault, Chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25 per cent from April 1st, until the end of 2020,” Kering said on Friday.

“In addition, Francois-Henri Pinault and Jean-Francois-Palus, Group Managing Director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020,” added the company. – Reuters