Carrefour cuts top salaries and dividends

In the exceptional context of the corona pandemic, Carrefour is taking a number of remarkable measures: savings on management salaries are releasing budgets for solidarity actions. Moreover, the company’s dividend will be halved.

Salaries frozen

CEO Alexandre Bompard has informed his board that he is renouncing half of one month’s fixed salary, the retailer reports in a press release. In addition, the CEO has decided to freeze the fixed salaries of all group executive committee members for the full year 2020 and has asked them to forego 10 % of their fixed salaries for a period of two months. Directors’ fees for the current year will also be cut by a quarter. These interventions are intended to provide money to finance solidarity actions for Group employees in France and abroad.
 

Carrefour will also reduce the dividend for the financial year 2019 by half, compared to what the retailer announced on 27 February. The dividend will therefore amount to 0.23 euro per share, compared to 0.46 euro per share initially planned. The general meeting of 29 May will take place behind closed doors and will be broadcast online. The board of directors is slimming down: two members who are leaving will not be replaced.