World News

Air France-KLM says CEO Ben Smith to give up 2020 bonus

PARIS (Reuters) – Air France-KLM <AIRF.PA> Chief Executive Ben Smith will give up his 2020 bonus, the airline group said on Thursday as it negotiates financial aid from the French and Dutch governments.

Smith, who had offered in March to reduce his pay in response to the coronavirus crisis, said on Thursday the agreed cut “includes forfeiting my annual short-term variable compensation”.

The statement was issued after Dutch Finance minister Wopke Hoekstra said Smith’s bonus should be scrapped if the company wants to receive government aid.

(Reporting by Laurence Frost;Editing by Elaine Hardcastle)