Laurent Mignon, boss of the French banking giant BPCE, will leave the presidency of the executive board of the group to take that of the investment company Wendel, indicated the two companies on Saturday in separate press releases.
After 14 years at BPCE, including four as head of the executive board, Mr. Mignon will not seek the renewal of his term of office and will succeed at Wendel Andr Franois-Poncet no later than next January 1, the two groups said.
BPCE is now launching a succession process to replace Mr. Mignon.
This is the second announced departure of the leader of one of the main French banking groups this year after that of Frdric Ouda, who will leave Socit Generale in 2023, the bank he has headed since 2008.
Then director since 2009 of Natixis, the investment banking subsidiary of BPCE, Laurent Mignon had succeeded in 2018 Franois Prol at the head of the banking giant bringing together in particular the Banque Populaire and Caisse d’Epargne networks.
Exit from the Natixis Stock Exchange
His term of office was marked by the exit from the Stock Exchange of its subsidiary Natixis last year after a share buyback, with the aim of reorganizing activities by moving the insurance and payment businesses to an entity bringing together the networks Banque Populaire and Caisse d’Epargne.
Natixis’ remaining businesses, asset and wealth management, and wholesale banking, for large companies and institutions, have been merged into a new entity called Global Financial Services. This suffered in the second quarter from an unfavorable market context, according to the group’s results published in August.
BPCE had nevertheless recorded a profit of 1.3 billion euros in the second quarter alone.
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The Wendel group posted a net profit of 480 million euros in the first half, driven by the capital gain on the sale of the industrial paint company Cromology.
A graduate of HEC in 1986 and of Stanford University (California), Laurent Mignon worked for the banks Indosuez and Schroders, then for AGF (Assurances Gnrales de France) from 1997, notably occupying the positions of financial director then director General and Chairman of the Executive Committee.
Laurent Mignon was also managing partner of Oddo & Cie from 2007 to 2009.
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