Patrick Thomas signs Non-Competitive contract

French luxury fashion house Hermès's departing CEO

Patrick Thomas, who will be succeed by Axel Dumas early next year, stands to receive almost one million dollars a year as part of a ten year non-competition contract.

Thomas signed the contract this week with Hermès and according to the company’s previous annual report, he was given 1.98 million euros last year and will be given 966,300 thousand euros each year for the next four years to 2017.

Back in 2004, Thomas became the first person to take control of Hermès who was not part of the family of founder Emile Hermès. He previously joined the company in 1989 as group managing director.