Michelin top managers take pay cuts

Clermont-Ferrand, France – Michelin Group’s top management team are cutting their remuneration “as a demonstration of solidarity” with the employees who have been impacted by partial unemployment measures and plant closures.

As part of the move, the managing partners, the executive committee, as well as the chairman and supervisory board members are reducing their pay, Michelin said in a 3 April statement.

Florent Menegaux and Yves Chapot, managing partners of the French group, have chosen to cut their pay by around 25% 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% during the same period, Michelin added.

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