By Giulia Petroni

Schneider Electric SE said Wednesday that it has suspended its buyback program and created a fund to support efforts against the coronavirus pandemic.

The French energy-management company said that, in line with the previously announced withdrawal of its 2020 guidance, it has decided to suspend the buyback of its shares.

Schneider Electric also said members of the executive committee have committed to donate 10% of their base salary to a newly created fund, named "tomorrow rising fund," in order to support emergency and long-term actions against Covid-19 in all the territories where it operates.

Chief Executive Jean-Pascal Tricoire will personally contribute 25% of his base salary to the fund for the duration of the crisis, according to the company.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 08, 2020 03:08 ET (07:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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