The battered luxury group Kering offers its new managing director Luca de Meo an encounter bonus of 20 million euros. The Annual General Meeting in September should vote on this payment.
Kering officially announced the appeal of 58-year-old Luca de Meo on the newly created position of the managing director in mid-June. The current chairman of the board, the 63-year-old François-Henri Pinault, remains chairman of the group. De Meo previously worked for the automobile manufacturer Renault, where he was instrumental in the renovation.
On September 9, the shareholders of Kering should also vote on an increase in the age limit for the chairman from 65 to 80 years and for the managing director from 65 to 70 years.
“With the acceptance of the position of Kering’s position, Luca de Meo has lost the right to long -term variable remuneration components, which he was granted to him as part of his previous work as managing director of Renault,” says the invitation to the Annual General Meeting on Wednesday.
The Board of Directors estimates these lost remuneration components at around 20 million euros. Therefore, he decided to grant de Meo an entrepreneur in the same amount – subject to the approval of the general meeting. This premium-also referred to as “Golden Hello”-is to be paid in 75 percent in cash and 25 percent in Kering shares. In France, such a premium is rather unusual, while it is more common in Anglo -Saxon countries.
The proposed annual fixed salary for the new managing director is 2.2 million euros gross. In addition, there is a variable remuneration, which in 2026 – when the goals – should be 220 percent of the fixed content, i.e. 4.84 million euros gross. In the case of over -performance, it is limited to a maximum of 300 percent, i.e. 6.6 million euros gross.
Kering announced a decline in net profit in the first half of the year by 46 percent to 474 million euros on Thursday. Sales fell by 16 percent to 7.6 billion euros in the same period.
At the Annual General Meeting, the shareholders will vote on the entrance bonus and the remuneration of the managing director for 2025. The remuneration for 2026 will be provided at the Annual General Meeting, which decides on the conclusion of the financial year on December 31, 2025.
This article was used with digital tools translated.
Fashionunited uses artificial intelligence to accelerate the translation of articles and improve the end result. They help us make the international reporting of fashionunited a German -speaking readership quickly and comprehensively accessible. Articles that have been translated using AI-based tools are read and carefully edited by our editor: Correcting inside before they are published. If you have any questions or comments, please contact me by email to [email protected]