World News

Top Michelin executives agree to pay cuts to help with COVID-19 response

PARIS (Reuters) – French tyre company Michelin <MICP.PA> 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.

Members of its Executive Committee had also voluntarilydecided to reduce their remuneration by around 10% during the same period, added the company.

(Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan)