SOCIÉTÉ GÉNÉRALE: OUDÉA LOANS FOR INTERNAL FOLLOW-UP ACCORDING TO THE CGT
by Julien Ponthus
LONDON (Reuters) – Outgoing general manager Frederic Oudea is in favor of an internal search for his successor, a trade union leader at the bank said after meeting him.
Arriving in 2008 at the head of the third listed French bank, Frédéric Oudéa surprised shareholders and employees of the group by announcing on Tuesday, during the annual general meeting, that he would be leaving in a year.
Philippe Fournil, CGT deputy of the group, who met with Frédéric Oudéa on Wednesday, said in a message published on the union’s website on Thursday that the name of the next general manager “can be identified within six months and announced”, which would lead to a transition period of six months.
“While stressing that this choice would be up to the Board of Directors, Frédéric Oudéa insisted on the quality of the management team present and his in-depth knowledge of the company,” he adds. “So he’s leaning toward an internal choice, although the process doesn’t close options.”
The new general manager must come from a generation of 45 to 50 years, he continues in this report of his meeting.
A spokeswoman for Société Générale declined to comment on the information.
Citi analyst Azzurra Guelfi said in a note that it is “obviously too early to have an idea of potential candidates for the position,” but added that the market should logically consider the possibility of internal and external candidates.
Speculation about the name of the future boss of “SocGen” has therefore only just begun, but several names are already mentioned regularly, including that of Sébastien Proto, deputy general director of the group in charge of networks and former managing partner of Rothschild & Co.
Other potential candidates, who in turn report Les Echos, include Gaëlle Olivier, deputy general manager in charge of operations, and Slawomir Krupa, deputy CEO in charge of wholesale banking and investor solutions.
Outside the group is also mentioned the name of Jean-Pierre Mustier, who headed the Corporate and Investment Banking (CIB) department of Société Générale from 2003 until the “Kerviel” scandal in 2008, before heading of the Italian group UniCredit.
(Report Julien Ponthus, French version Marc Angrand, edited by Matthieu Protard)