Airbus CEO Donates Bonus to Charity Amid Coronavirus Disruption

(Bloomberg) --

Airbus SE Chief Executive Officer Guillaume Faury will donate his 2019 bonus to charity, targeting aid work that’s already linked to the planemaker as the coronavirus pandemic stresses health systems in many countries.

The money will go to non-governmental and humanitarian organizations, with a focus on Airbus’s own charitable foundation and organizations it supports, a spokesman for the Toulouse, France-based planemaker said.

Faury, 52, took over the top spot at the world’s biggest aircraft manufacturer almost a year ago. He is entitled to as much as 200% of his base salary, which stands at 1.35 million euros ($1.46 million), according to company filings. He told employees in a letter Friday that he would give up the payment.

With coronavirus weighing heavily on the industry, leading to bailout requests, plant closures and furloughed staff, aviation chiefs have been forgoing parts of their compensation. The chairman and CEO of U.S. rival Boeing Co. opted to give up their salary payments for the rest of the year, while airline executives have routinely done the same as they seek state aid.

Airbus last month increased its liquidity to 30 billion euros by extending credit lines and clamping down on cash outlays. The company is said to be poised to tap French government-backed loans as the outbreak drains cash reserves.

Airbus has encouraged employees to donate to the International Federation of Red Cross/Red Crescent Societies and Action Against Hunger, the company said.

©2020 Bloomberg L.P.

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