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Sport Coronavirus: Bernard Arnault cuts corners on his salary as CEO of LVMH

23:15  16 april  2020
23:15  16 april  2020 Source:   challenges.fr

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Bernard Arnault © AFP - ERIC PIERMONT Bernard Arnault CEO Bernard Arnault and four other LVMH executives are going to give up part of their salary due to the crisis linked to Coronavirus epidemic, which will "have an impact on sales and annual results", announces the world number one in luxury. CEO Bernard Arnault and four other executives of LVMH will give up part of their salary due to the crisis linked to the coronavirus epidemic, which will "have an impact on sales and annual results", warned on Thursday world number one in luxury. LVMH announced a 15% year-on-year drop in first quarter sales to 10.6 billion euros. In organic data, this decline was 17%. By the end of March, the group and its 75 houses (including Louis Vuitton, Dior, Guerlain, Sephora, Dom Pérignon and Bulgari) had indicated that they expected sales to fall by between -10% and -20% in the first quarter.

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Leipzig's professionals also forego salary

 Leipzig's professionals also forego salary © Provided by AFP RB professionals waive part of their salary In the wake of the corona crisis, the professionals of Bundesliga soccer club RB Leipzig also agreed to waive their salary. The team accommodates the club with salary savings in the lower double-digit percentage. This is intended to support the association's employees in particular. "For us as a team, it was clear that we had to make our contribution.

Variable gross salary of 2.2 million euros in 2019 "LVMH shows good resilience in an economic environment disrupted by a serious health crisis" , said the group in its press release. "The closings of production sites and stores in most countries of the world during the first half will have an impact on sales and annual results", which "cannot be precisely assessed at this stage, without knowing the return schedule normal in the different implantation zones ", according to LVMH. "We can only hope that the recovery will take place gradually from May or June after a second quarter which should still be very affected by the crisis, especially in Europe and the United States," warns the group. LVMH also announces that Bernard Arnault and "each of the other directors exercising executive functions" - Antonio Belloni, Nicolas Bazire, Delphine Arnault and Antoine Arnault - have decided to "renounce their remuneration for the months of April and May 2020 as well than to any variable remuneration for the year 2020 ". Concerning Mr. Arnault - first fortune of France and third world according to the classification of Forbes - the amount of his variable gross salary will be fixed only at the end of the current exercise, but for comparison, that which will be subjected to Shareholder vote in June for 2019 amounted to 2.2 million euros. The group will also propose, at the general meeting of shareholders on June 30, to reduce the dividend initially proposed for 2019 by 30%, which would thus amount to 4.80 euros.

(With AFP)

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