In response to the severe economic impact caused by the ongoing health crisis, luxury group Kering has implemented salary measures. As part of this, the group’s Chairman and CEO, François-Henri Pinault, will have his fixed salary reduced by 25% starting from April 1st until the end of 2020. This decision has been approved by Kering’s Board of Directors. Furthermore, Pinault and Jean-François Palus, Deputy CEO of the group, have chosen to forgo their entire annual variable compensation for this year.
Earlier this week, Kering also announced its commitment to support the American healthcare system by establishing a $1 million fund. This fund aims to assist in the management of the pandemic and its effects. Kering, known for its ownership of prestigious brands like Gucci, Saint Laurent, and Balenciaga, among others, is demonstrating its dedication to contribute to the global fight against the crisis.
In 2019, Kering achieved remarkable success, reporting a revenue of 15.8 billion euros and recording a record margin. However, the current situation has led the luxury group to adapt and implement necessary measures to navigate the challenges presented by the health crisis.
Moving forward, Kering’s Board of Directors plans to present a revised compensation policy for the year 2020 to shareholders for approval at the next general meeting. This signifies the group’s commitment to transparency and responsible corporate governance.
Useful Links:
1. Kering’s Annual General Meeting
2. Kering’s Sustainable Development and Health Commitments
