France's Carmaker Renault Drops Dividend Over Coronavirus Crisis - Source

Renault, which is 15% state-owned, had earlier proposed to pay a 1.1 euro per share dividend that had already been cut by two-thirds from the 3.55 euro per share payout on 2018 earnings.

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15 per cent of Renault is owned by the state of France itself

Highlights

  • Renault's board has decided to cancel its dividend on 2019 earnings
  • Renault Board chairman & interim CEO will cut their salaries by 25%
  • Companies like Ford & Michelin have also reduced/cancelled dividends

French carmaker Renault's board has decided to cancel its dividend on 2019 earnings in light of the coronavirus crisis, a source close to the matter told Reuters on Thursday.

Renault board chairman Jean-Dominique Senard and interim chief executive officer Clotilde Delbos will cut their remuneration by 25 per cent in the first quarter and will do same in the second quarter if the coronavirus crisis continues, the source also said.

Renault

Renault Cars

Several automotive companies such as Michelin  and Ford have already decided to reduce or suspend dividends on 2019 earnings to preserve cash in the current crisis.

Renault, which is 15 per cent state-owned, had earlier proposed to pay a 1.1 euro per share dividend that had already been cut by two-thirds from the 3.55 euro per share payout on 2018 earnings.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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