Coty ceo Pierre Laubies and chief financial officer and chief operating officer Pierre-André Terisse will take a 25% cut to their base salary until the end of the 2020 fiscal year due to the COVID-19 pandemic.
The company’s Renumeration and Compensation Committee (RNC) of the board of directors also approved a 25% reduction for non-employee directors for service during the 2021 fiscal year.
The board of directors and RNC will evaluate the temporary compensation actions at their regular quarterly meetings or as otherwise deemed necessary.
As reported, Coty withdrew its financial guidance for the full fiscal year 2020 in mid-March. The company expects net revenues for the third quarter of the year to decline by 20% like-for-like, with an impact on profit, due to the COVID-19 pandemic.