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Kering luxury goods billionaire Pinault agrees to pay cut

April 10, 2020 at 03:57 am EDT

François-Henri Pinault, the French billionaire chairman and CEO 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, 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)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	KERING	327.3 EUR	+0.35%	-3.88%	42.72B
	AT HOME GROUP INC.	36.99 USD	-0.08%	+0.22%	2.41B

François Jean Henri Pinault

Founder of Pinault SARL, François Jean Henri Pinault is a French businessperson who has been at the helm of 8 different companies and is Chairman at The Kering Foundation and Chairman for Artémis SA. He is also Chairman & Chief Executive Officer for Kering SA, Managing Partner at Financière Pinault SCA and Member-Management Board at Société Civile du Vignoble de Chateau Latour and on the board of 14 other companies. In the past he occupied the position of Deputy Chief Executive Officer of Société Nouvelle du Theatre Marigny, Chairman-Supervisory Board of Gucci Group NV, Chairman & Chief Executive Officer at Redcats International Holding SAS, Chairman-Supervisory Board for Boucheron Holding SA, Director at FNAC SA and Director at Pinault SARL. He received an undergraduate degree from École des Hautes Études Commerciales de Paris.

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