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Groupe Casino CEO Takes 25% Pay Cut Due To Coronavirus

Published on Apr 28 2020 9:19 AM in Retail tagged: Trending Posts / France / Groupe Casino / Remuneration

Groupe Casino CEO Takes 25% Pay Cut Due To Coronavirus

The chairman and chief executive of Groupe Casino, Jean-Charles Naouri, has taken a 25% reduction in remuneration for the months of April and May 2020, the retailer has announced.

In addition, all members of the retailer's executive committee will be taking a similar pay cut.

The fixed compensation of the CEO and all senior executives will not be increased in 2020, Casino added, while the board of directors and their advisors have also agreed to waive their compensation on equal terms.

The corresponding sums will be paid into the Common Solidarity Fund set up by the Fondation de France, APHP and Institut Pasteur, for the benefit of healthcare personnel in relation to COVID-19, Casino said.

AGM Date

Elsewhere, Groupe Casino has set 17 June 2020 as the date for its annual general meeting of shareholders.

The meeting was originally scheduled for 19 May.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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