Francois-Henri Pinault, chairman and CEO of luxury goods group Kering S.A. announced on Friday he decided to accept the reduction of his salary, amid COVID-19 pandemic that made an impact on the company's business activity.

The French billionaire said he agreed on the reduction of the fixed portion of his salary by 25% from April 1, up until the end of 2020. At the same time, he and the Kering Group's managing director Jean-Francois-Palus have decided to forgo the complete variable portions of their annual remuneration for 2020.

Meanwhile, the Group's board of directors is to submit a revised remuneration policy for 2020 for its shareholders to vote at the next general meeting, the company said in a statement.