Notice to candidates and headhunter firms: the position of CEO of Suez is to be taken in a few months. Its holder, Bertrand Camus, announced to the group’s 90,000 employees on Tuesday, June 15, that he would quit his duties once the merger of part of the water and waste management group with Veolia was completed. In an interview with Figaro, the one who was fiercely opposed to this marriage explains that after having “Thought a lot”, he has “Decided not to be part of the adventure of the new Suez”, even if this one has “Everything you need to bounce back”.
In 2020, Suez posted a turnover of 17.2 billion euros. At the end of its absorption by its historic rival, what remains of the world number 2 in environmental services will weigh no more than 7 billion, compared to the 38 billion of Veolia. M. Camus judged the operation “Disastrous for France”, because it would translate, according to him, into less jobs, innovation and price competition. Arguments that resonated in the ears of unions, government and local elected officials. To mark his rejection, he was not present alongside the president of Suez, Philippe Varin, during the signing, on April 11, of the “Bristol agreement” putting an end to hostilities.
Did Mr. Camus fully appreciate the danger when, at the end of July 2020, the president of Engie, Jean-Pierre Clamadieu, suggested that his 32% in Suez was finally for sale? He failed to mount a counter-offer capable of shattering the ambitions of Antoine Frérot, CEO of Veolia, who had dreamed of such a merger for more than ten years. But this counter-attack was almost impossible since Engie had sold to Veolia, in October 2020, 29.9% of its shares in Suez.
He obtained an improvement in the social guarantees of his employees, which will last five years, even if Mr. Frérot was committed from the start on this point. And for seven months, he also managed, with Mr. Varin, to keep all French activities (and not just water), including the nugget of research and development, as well as important assets in the abroad (Italy, India, China, etc.). These 40% of the former Suez will be managed by a consortium comprising the French fund Meridiam, the American Global Infrastructure Partners and the Caisse des Dépôts et Consignations, financiers experienced in the management of large infrastructures.
“Find a new path”
The new perimeter constitutes, according to Mr. Camus, a good base from which to conquer promising markets. Like the countries of Asia, where the demand for environmental services from mega-cities and industries is considerable, and French know-how is recognized. “To build the new Suez, a new path will have to be found, because the world has changed”, and therefore a new team, he wrote in his message to employees, sent after the announcement of his departure from the board of directors.
At 54 years old, this Ponts et Chaussées engineer had gradually established himself at the head of a company where he had joined in 1994. He held many positions there, in France and internationally, before finishing by replacing Jean-Louis Chaussade, in May 2019, with the blank check of the historic boss of Suez, Gérard Mestrallet.
The future shareholders will not really have the cards in hand for several months, but nothing prevents them from quickly appointing a successor
He immediately got down to developing his “Shaping Suez 2030” strategic plan. Presented in October 2019, it provided for a refocus on more technological activities with high added value, in order to adapt to an increasingly technological world and to dethrone Veolia. This plan has become obsolete with the new perimeter of the former Lyonnaise des Eaux, which will only be able to compete with the former General Water Company in a few countries.
Mr. Camus will remain in his post to ensure that the transition goes smoothly, he says. The future shareholders will not really have the cards in hand for several months, but nothing prevents them from quickly appointing a successor. Names are already circulating. “My preference obviously goes to an internal choice, he confides to Figaro, to a boss who knows the teams and the professions ”. Like him only two years ago.