PARIS — Lindsay Owen-Jones, L’Oréal’s non-executive chairman, passed up his 2009 bonus of 900,000 euros, or $1.2 million at current exchange.
This story first appeared in the February 24, 2010 issue of WWD. Subscribe Today.
Owen-Jones did receive his salary for last year, which was 2 million euros, or $2.7 million.
Owen-Jones is among a growing number of bonus-waiving executives in the wake of the financial crisis. These have — in recent days — reportedly included Lloyds Banking Group’s chief executive officer, Eric Daniels, and Royal Bank of Scotland Group’s ceo, Stephen Hester.
L’Oréal ceo Jean-Paul Agon, meanwhile, refused his stock options for 2009.