PARIS (AP) — Renault says it is seeking billions in state-backed loans, cancelling its dividend for 2019 and its chairman is taking a pay cut, as the French automaker tries to weather the coronavirus crisis.
Jean-Dominique Senard’s pay will be cut by 25% for the second quarter of 2020. But interviewed Friday on RTL radio, the chairman of the board of directors declined to say how much in monetary terms the cut would cost him.
The company will cancel 300 million euros ($325 million) worth of dividends that had been intended to be paid to shareholders for last year.
Senard said Renault isn’t seeking to be nationalized but is working to secure state-backed bank loans to cushion the shock of the coronavirus crisis that has slammed demand for vehicles and shut down production.
He said the loan amounts haven’t been fixed but could be as much as 4-5 billion euros (up to $5.4 billion).
12 Stocks Corporate Insiders are Abandoning
An insider trade occurs when a corporate executive (such as a CEO, CFO or COO) that has non-public information about a company buys or sells shares of that company's stock. Company insiders are required by law to regularly report their stock purchases and sales to the SEC.
Tracking a company's insider trades is a metric that can be used to identify the direction that the company's executives believes that the company is headed. If a number of insiders sell shares of their company, they may believe that the company will have weak future earnings and that the share price will decline in the near future.
For example, if Microsoft's CEO, CFO and COO all recently sold shares of Microsoft stock, that would be an indication that there could be unreported news that may negatively effect Microsoft's stock price in the near future.
This slideshow lists the 12 companies that have had the highest levels of insider buying within the last 180 days.
View the "12 Stocks Corporate Insiders are Abandoning".