PARIS (Reuters) – French carmaker Renault’s board has decided to cancel its dividend on 2019 earnings in light of the coronavirus crisis, a source close to the matter told Reuters on Thursday.

Renault board chairman Jean-Dominique Senard and interim chief executive officer Clotilde Delbos will cut their remuneration by 25 percent in the first quarter and will do same in the second quarter if the coronavirus crisis continues, the source also said.

Several automotive companies such as Michelin (MICP.PA) and Ford (F.N) have already decided to reduce or suspend dividends on 2019 earnings to preserve cash in the current crisis.

Renault, which is 15% state-owned, had earlier proposed to pay a 1.1 euro per share dividend that had already been cut by two-thirds from the 3.55 euro per share payout on 2018 earnings.

Reporting by Gilles Guillaume; Writing by Matthieu Protard; editing by David Evans

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