COVID-19: Michelin Senior Leadership Takes Pay Cut
Published On 07-Apr-2020
Michelin said its managing partners Florent Menegaux and Yves Chapot had agreed to reduce their remuneration by around 25% for April and May 2020.
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 April and May 2020.
Members of its Executive Committee had also voluntarily decided to reduce their remuneration by around 10% during the same period, added the company.
Earlier, JK Tyre and Apollo Tyres also announced a 25 per cent reduction in senior leadership salary as a cost-cutting measure due to COVID-19.
Globally, the total coronavirus cases surged above 1.27 million while the death toll rose near 70,000, according to the latest data from Johns Hopkins University.
Also Read: COVID-19: Apollo Tyres Senior Leadership Takes Pay Cut
US with over 3 lakh cases was the worst affected country, followed by Spain with 1.31 lakh infections and Italy 1.28 lakh infections. In terms of death toll, Italy reported over 15,000 death, followed by Spain at over 12,000 and US with nearly 10,000 deaths.
