Nexans CEO, members of the board of directors, and management are to take voluntary pay cut as a sign of solidarity and social cohesion, but also to award its frontline employees.
Christopher Guérin, CEO of Nexans, has committed to reducing his compensation by 30 per cent for the months of April and May 2020.
The other members of the executive committee have agreed to reduce theirs by 15 per cent over the same period, and the Group’s top managers will be asked to join in this effort as well.
The members of the board of directors and its chairman, Jean Mouton, will similarly reduce their remuneration by 30 per cent, for the months of April and May 2020.
Remote working has been implemented for all positions where possible.
The company said it will only use partial unemployment according to the needs identified, for periods as limited as possible.
For its frontline employees, who must attend production, logistics sites and installation, Nexans has implemented a bonus of €750 monthly which will be awarded for the entire duration of the crisis.
Christopher Guérin said: “The whole Group, at all levels, is engaged every day in respecting safety standards and sanitary measures, maintaining our production, and delivering products and services to our customers. We are already working on an industrial recovery plan to be deployed. This next phase must be thought, defined, imagined now at all levels and for all the challenges we face. A new world for a new Nexans, and we are ready for it.”