Michelin managing partners take 25% pay cut

Michelin’s managing partners, the executive committee as well as the chairman and independent members of the supervisory board have agreed to reduce their remuneration. The announcement comes in the context of the coronavirus crisis that has caused a noticeable slowdown in the activities of the Michelin Group and which has led to some employees having to undergo partial unemployment.

Florent Menegaux and Yves Chapot, managing partners of the Michelin Group, have chosen to reduce their remuneration by around 25 per cent for the months of April and May 2020.

In addition, the members of the group’s executive committee have voluntarily decided to reduce their remuneration by around 10 per cent during the same period.

These reductions will be continued as long as group employees are in partial activity due to the Covid-19 health crisis.

Florent Menegaux and Yves Chapot have also expressed their will to give up part of their 2019 variable compensation paid in 2020, once submitted to the vote of the shareholders at the annual general meeting to be held behind closed doors on 23 June 2020.

Finally, the chairman of the Michelin Group supervisory board, Michel Rollier, and its independent members are joining this effort by donating 25 per cent of their attendance fees received in 2020 to foundations in their respective countries, which are part of the fight against Covid-19.