Nexans CEO, members of the Board of Directors, and management to take voluntary paycut as a sign of solidarity and social cohesion

PRESS RELEASE                                                                                                                           

Nexans CEO, members of the Board of Directors, and management to take voluntary paycut as a sign of solidarity and social cohesion

Paris, April 7, 2020 – Reduced remuneration for the CEO, members of the Board of Directors and management as a sign of solidarity and for social cohesion.

Christopher Guérin, CEO of Nexans, has committed to reducing his compensation by 30% for the months of April and May 2020. The other members of the Executive Committee have agreed to reduce theirs by 15% over the same period, and the Group’s top managers will be asked to join in this effort as well. The members of the Board of Directors and its Chairman, Jean Mouton, will similarly reduce their remuneration by 30%, for the months of April and May 2020.

Remote working has been implemented for all positions where possible. We will only use partial unemployment according to the needs identified, for periods as limited as possible. For our frontline employees, who must attend production, logistics sites and installation, we have implemented an exceptional bonus of 750 € monthly which will be awarded for the entire duration of the crisis. Their commitment calls for respect from everyone.

We have managed to maintain our production activity thanks to a high-quality social dialogue in all countries, imbued with a sense of responsibility that honors our Group.

Nexans is preparing the world of tomorrow - Christopher Guérin declares: "The whole Group, at all levels, is engaged every day in respecting safety standards and sanitary measures, maintaining our production, and delivering products and services to our customers. We are already working on an industrial recovery plan to be deployed countries per countrie. This next phase must be thought, defined, imagined now at all levels and for all the challenges we face. A new world for a new Nexans, and we are ready for it."

Nexans mobilized daily to deal with the sanitary crisis - Since the start of the COVID-19 crisis last January in China, Nexans has been mobilized daily to deal with this unprecedented situation.

Protecting the health of all Group employees has always been our priority.

Fighting the crisis in China, we took exceptional health safety measures such as delaying the returns of employees to work from new year's holidays, testing the temperature of our employees in entering and leaving our sites,  setting up a team shift and operating plan that allowed us to limit contacts to the strict minimum,  and setting up remote working arrangements for job positions that allow it.

As a sign of solidarity, Nexans donated wires and cables valued at 1.08 million yuan to support city of Suzhou to improve public health service joining the fight of the coronavirus outbreak.

At the beginning of March 2020, the Group turns to Crisis management mode worldwide, steered by the members of the Executive Committee with agility and responsiveness. We also leveraged therefore our Chinese experience to anticipate and implement the necessary measures, even before the regulatory recommendations came into place. International travel was banned at very early on and regional travel soon has been reduced to a minimum. Health protection always remains our priority while maintaining our imperative responsibilities of job preservation and business continuity.

About Nexans

Nexans is a key driver for the world’s transition to a more connected and sustainable energy future. For over 120 years, the Group has brought energy to life by providing customers with advanced cable technologies for power and data transmission. Today, Nexans goes beyond cables to offer customers a complete service that leverages digital technology to maximize the performance and efficiency of their critical assets. The Group designs solutions and services along the entire value chain in four main business areas: Building & Territories (including utilities and e­mobility), High Voltage & Projects (covering offshore wind farms, subsea interconnections, land high voltage), Telecom & Data (covering data transmission, telecom networks, hyperscale data centers, LAN), and Industry & Solutions (including renewables, transportation, oil and gas, automation, and others).

Corporate Social Responsibility is a guiding principle of Nexans’ business activities and internal practices. In 2013 Nexans was the first cable provider to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group’s commitment to developing ethical, sustainable and high-quality cables also drives its active involvement within leading industry associations, including Europacable, the  NEMA, ICF and CIGRE.

Nexans employs nearly 26,000 people with an industrial footprint in 34 countries and commercial activities worldwide. In 2019, the Group generated 6.7 billion euros in sales.

Nexans is listed on Euronext Paris, compartment A.

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