26/10/2020

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Renault drops dividend over coronavirus crisis, report says

PARIS — Renault’s board has determined to terminate its dividend on 2019 earnings in gentle...

PARIS — Renault’s board has determined to terminate its dividend on 2019 earnings in gentle of the coronavirus crisis, a source shut to the matter informed Reuters on Thursday.

Renault Chairman Jean-Dominique Senard and interim CEO Clotilde Delbos will cut their compensation by 25 percent in the 1st quarter and will do exact in the 2nd quarter if the coronavirus crisis proceeds, the source also reported.

A number of automotive businesses these kinds of as Michelin and Ford have by now determined to reduce or suspend dividends on 2019 earnings to preserve income in the present crisis.

Renault, which is 15 percent point out-owned, had before proposed to fork out a one.one euro for each share dividend that had by now been cut by two-thirds from the three.fifty five euro for each share payout on 2018 earnings.