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Gives up $1.2 million in wake of downturn.
February 24, 2010
By: TOM BRANNA
Editor
Even OJ feels the squeeze of the recession. 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 rates. Owen-Jones did receive his salary for last year, which was 2 million euros, or $2.7 million. L’Oréal CEO Jean-Paul Agon, meanwhile, refused his stock options for 2009. 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.
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