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Michelin Executives Take Pay Cut to Offset COVID-19

Florent Menegaux and Yves Chapot, managing partners of the Michelin Group, have chosen to reduce their pay by around 25% for the months of April and May 2020, the company says.

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In addition, the members of the group’s executive committee have voluntarily decided to reduce their pay by around 10% 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, the company says.

The chairman of the Michelin Group supervisory board, Michel Rollier, and its independent members are joining this effort by donating 25% of their attendance fees received in 2020 to foundations in their respective countries, the company says.

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