As part of the adjustment in Michelin’s corporate governance and executive management team, the Managing General Partners have decided, with the agreement of the Supervisory Board, to put an end to Didier Miraton’s appointment as Managing Partner.
In relinquishing his duties as Managing Partner, Didier Miraton will receive, in application of the specified performance criteria and in line with the AFEP/MEDEF code, a total severance payment equivalent to the salary, bonus and other compensation received in respect of 2009 and 2010, i.e. a total gross amount of around €1.8 million, or around €820,000 after deduction of withholding taxes.
Michel Rollier, Managing General Partner, paid tribute to Didier Miraton’s accomplishments during his years with the Group and thanked him for his dedication to the Group.
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This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.