(Update: reaction from Valeo specifying that Jacques Aschenbroich will remain chairman of its board of directors until the establishment of his successor “and at the latest until the end of 2022”).
PARIS (Agefi-Dow Jones)–Following a meeting on Wednesday, the Orange Board of Directors proposed to entrust its chairmanship to Jacques Aschenbroich, for a period of 4 years.
The appointment of Jacques Aschenbroich as a director will be submitted to the vote of the general meeting of shareholders on May 19, after which the board will meet to elect him non-executive chairman of the group, specified the group of telecommunications in a press release.
Jacques Aschenbroich is currently chairman of the board of directors of Valeo, a group he headed for almost thirteen years.
Valeo “takes note” of Orange’s choice and “continues the process of selecting a new chairman of the board”, reacted the automotive supplier in a press release. Jacques Aschenbroich will remain chairman of the board of directors of Valeo until the establishment of his successor “and at the latest until the end of 2022”, added the group.
Postponement of the age limit
During the GM of May 19, Orange will also submit to the vote of its shareholders a resolution proposing to push back the age limit for chairing its board of directors. And for good reason. As he turns 68 on June 3, Jacques Aschenbroich would reach the age limit currently set at 70 during his term of office, which would lead to his resignation from office according to the company’s current articles of association.
This resolution is controversial. In a joint statement sent earlier in March, the three trade unions represented on the supervisory board of FCPE Orange Actions, which groups most of the staff actions, unanimously rejected it. In another press release signed by CFE-CGC Orange, the company’s employee shareholders expressed their opposition to the arrival of a non-executive chairman who would exceed 70 years during his term of office. Reporting to the extraordinary general meeting, this resolution requires two-thirds of the votes.
Jacques Aschenbroich would lead Orange in tandem with Christel Heydemann, the future CEO, who will take office on April 4. The group announced the dissociation of its management functions after the resignation in November 2021 of its CEO, Stéphane Richard, following his conviction on appeal in the case of the arbitration process between Bernard Tapie and Crédit Lyonnais.
“I wish full success to the duo thus formed by Christel Heydemann and Jacques Aschenbroich. Two experiences and two energies at the service of the responsible development of this magnificent group which I am happy to have served with passion during these last twelve years”, said Stéphane Richard, CEO of Orange, quoted in a press release.
-Dimitri Delmond and François Schott, Agefi-Dow Jones; +33 (0)1 41 27 47 31; [email protected] ed: ECH
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March 30, 2022 13:01 ET (17:01 GMT)