Recently, Carlos Tavares, CEO of PSA Group, voluntarily reduced his long-term incentive salary by 5, shares in 22, which is equivalent to 35% of his personal fixed salary in 22 or 38% of his long-term incentive plan in 22.

PSA Group said that in addition to the CEO, three other members of the Group Management Committee: Maxime Picat, head of Europe, Michael Lohscheller, CEO of Opel, and Olivier Bourget, director of project and strategy, will also reduce their salaries by 25% this year. At the same time, the top 1 managers of the group will also reduce their share allocation rights by an average of 21%.

PSA Group did not disclose the specific salary reduction figure of Carlos Tavares, but according to the current share price of the group, the value of 5, shares is about 6, euros.

PSA Group's annual report for 219 shows that Carlos Tavares received a fixed and variable salary of 7.6 million euros last year, including 13, PSA shares. Carlos Tavares's fixed salary is about 1.5 million euros. Last year, Maxime Picat's salary was about 2.6 million euros, Michael Lohscheller was about 1.9 million euros and Olivier Bourget was about 1.68 million euros.

In addition, PSA Group said that the management of the company will give up 335, shares with a total value of 4 million euros. The funds will be donated to the PSA Foundation, which will provide funds for liquidity problems related to Covid-19.