The managing director of Société Générale, Frédéric Oudéa, in January 2020 in Paris (AFP/Archives/ERIC PIERMONT)
Frédéric Oudéa, at the head of Societe Generale for 14 years, announced Tuesday during the general meeting of the banking group that he would not be a candidate for his succession in 2023, at the end of his mandate.
“I will not be a candidate for the renewal of my mandate in 2023, a decision taken with humility, a lot of emotion but also a lot of personal serenity”, he declared, stressing that he had “considered a lot about the different possible options”.
“The board of directors intends to do everything possible to ensure that this transition is fully successful,” said Lorenzo Bini Smaghi, chairman of the bank’s board of directors.
“Regarding the succession, the process has been launched, I cannot say more at this stage”, added Lorenzo Bini Smaghi, while the question of succession has long been a sensitive subject.
Internally, several names are circulating including that of Sébastien Proto, who orchestrates the thorny merger of the Societe Generale and Crédit du Nord networks, as well as that of Slawomir Krupa, head of financing and investment activities.
Frédéric Oudéa is one of the oldest bank bosses in Europe. Catapulted in the middle of a storm at the head of Société Générale, in 2008, after a loss of 4.9 billion euros linked to transactions carried out by the fallen trader Jérôme Kerviel, Frédéric Oudéa has overcome nearly 15 years of crises and scandals.
Latest: he had to manage the sale of the Russian subsidiary Rosbank, finally announced in mid-April and which should lead to a negative impact of 3.1 billion euros in the accounts.
© 2022 AFP
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