Top managers at French group Sodexo agree to pay cuts

PARIS (Reuters) - Top managers at French food services and catering company Sodexo have agreed to pay cuts, which it said would help fund a 30-million-euro ($33-million) programme to aid staff facing lay-offs as a result of the coronavirus crisis.

On Thursday, Sodexo said Chairwoman Sophie Bellon would waive 50% of her remuneration over the coming six months, as would Chief Executive Denis Machuel, along with his variable remuneration for fiscal year 2020.

Sodexo added it had reinforced health and safety measures for its staff, against the backdrop of the pandemic.

Last month, Sodexo, which, alongside British company Compass (NYSE: CPG), ranks among the world's largest catering groups, suspended its annual forecast and said the pandemic could hit annual sales by 2 billion euros. [nL8N2BB0V5]

(Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Fed's Warsh says any balance sheet policy change won't be a surprise
• Wealthy businessman goes on trial over murder of Maltese journalist
• Russia warns Apple of $52 million fine over alleged bias against local apps