UK Markets closed
  • FTSE 100

    6,550.23
    +59.96 (+0.92%)
     
  • FTSE 250

    20,182.69
    +50.25 (+0.25%)
     
  • AIM

    1,068.88
    +2.67 (+0.25%)
     
  • GBP/EUR

    1.1082
    +0.0009 (+0.08%)
     
  • GBP/USD

    1.3438
    -0.0015 (-0.1088%)
     
  • BTC-GBP

    13,982.65
    -22.34 (-0.16%)
     
  • CMC Crypto 200

    365.19
    -14.05 (-3.71%)
     
  • S&P 500

    3,699.12
    +32.40 (+0.88%)
     
  • DOW

    30,218.26
    +248.74 (+0.83%)
     
  • CRUDE OIL

    46.09
    +0.45 (+0.99%)
     
  • GOLD FUTURES

    1,837.70
    +0.90 (+0.05%)
     
  • NIKKEI 225

    26,751.24
    -58.13 (-0.22%)
     
  • HANG SENG

    26,835.92
    +107.42 (+0.40%)
     
  • DAX

    13,298.96
    +46.10 (+0.35%)
     
  • CAC 40

    5,609.15
    +34.79 (+0.62%)
     

Kering luxury goods billionaire Pinault agrees to pay cut

·1-min read
Francois-Henri Pinault, Chairman and CEO of French luxury group Kering, attends the annual news conference of Kering at the company's headquarters in Paris
Francois-Henri Pinault, Chairman and CEO of French luxury group Kering, attends the annual news conference of Kering at the company's headquarters in Paris

PARIS (Reuters) - François-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering <PRTP.PA>, 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, François-Henri Pinault, Chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25% from April 1st, until the end of 2020," Kering said on Friday.

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

(Reporting by Sudip Kar-Gupta; Editing by Mark Heinrich)