Publicis board agree to waive 2009 bonuses as ‘gesture of solidarity'

The supervisory board of Publicis Groupe have agreed to waive their entire bonuses for last year.

Chairman and chief executive: Maurice Lévy
Chairman and chief executive: Maurice Lévy

Chairman and chief executive Maurice Lévy and the rest of the management board consisting of David Kenny, Jack Klues, Jean-Yves Naouri, Kevin Roberts agreed to the measure following a meeting in Paris yesterday.

Lévy was reportedly due €2.7m (£2.42m), while the rest of the board have waived between €300,000 and €900,000 each.

In a statement the company said the decision was a ‘gesture of solidarity' with the group's employees after a hiring and pay freeze during 2009.

The statement read: ‘The [group's employees] have made substantial efforts throughout the year 2009 to help our clients surmount the economic crisis, and have done so in spite of the fact that the Groupe had instituted a hiring and salary freeze.'

During 2009 Publicis exerted significant cost-control measure, cutting its workforce by a four-figure number. Like-for-like revenues fell 6.5 per cent during the year, but the company said the start to 2010 had been ‘encouraging'.

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