Philippe Guillemot
replaces Edouard Guinotte
as Chairman and Chief Executive Officer of Vallourec to accelerate the Company’s transformation and growth trajectory
Meudon (France), March 21, 2022 –
Following an external selection process led by a special committee of the Board of Directors, the Appointments and Governance Committee decided to select Mr. Philippe Guillemot to succeed Mr. Edouard Guinotte as Chairman and Chief Executive Officer from Vallourec. Vallourec’s Board of Directors met on March 20, 2022 and appointed Philippe Guillemot for a four-year term, with immediate effect.
Philippe Guillemot was until recently Chief Executive Officer of Elior Group. Previously, he was Director of Operations and Sales at Alcatel-Lucent and Managing Director and member of the Board of Directors of Europcar.
Philippe Guillemot will be responsible for accelerating the execution of the company’s overall strategic plan by favoring a logic of “value over volume” and by significantly lowering the company’s break-even point, paying constant attention to the reduction costs, operational efficiencies and new business practices to enable the company to pursue profitable growth. At the end of this process, by the end of 2023, Vallourec will have been transformed and will be better prepared to manage the evolution of a full economic cycle.
The appointment of Philippe Guillemot as a member of the Board of Directors will be proposed for ratification at the next Annual General Meeting of Shareholders.
Information relating to the conditions of the termination of Edouard Guinotte’s duties and the compensation proposal for Philippe Guillemot will be made public in accordance with the applicable regulations and the recommendations of the AFEP-MEDEF Corporate Governance Code.
Pierre Vareille
Vice-Chairman of the Board of Directors and Lead Independent Director, said: “The Board has carried out this selection process in accordance with best governance practices.
Philippe Guillemot
has all the qualities r
required to lead the group
Vallourec
in carrying out its transformation. We are extremely excited that
Philippe Guillemot
join
Vallourec
. His vast experience in leading numerous industrial companies and his proven ability to deploy value-creating strategic actions will be decisive for the execution of the next chapter.
e of the rich history of
Vallourec
.”
He added :
“The Board of Directors
stration sincere thanks
Edouard Guinotte
for his commitment and his
wholehearted devotion to
Vallourec
for more than two decades.
Edouard Guinotte
became Chairman of the Management Board in March 2020, then Chairman and Chief Executive Officer from 1
er
July 2021, during an extremely challenging time for industry and society. Throughout this period, and in particular during a successful financial restructuring in June 2021, he led the Company with the utmost professionalism, as well as personal commitment and unwavering determination. All stakeholders are grateful to him for his commitment and his leadership qualities. We wish him the best for the future and have no doubt that he will continue to find success in his future endeavours.
Philippe Guillemot, new Chairman and CEO of Vallourec, said:
“I am honored and proud to be able to serve as President and Chief Executive Officer
of
Vallourec
, an iconic global industrial company with a particularly strong and respected engineering culture, to accelerate and expand its transformation and meet the renewed needs of our current and future customers across all of our geographies. With the confidence of the Board of Directors and alongside
members of the management team of
Vallourec
, I will commit to accelerating the Company’s transformation, which will lead to significant short-term improvements in profitability and cash flow. At the same time, I will strengthen the
commitments and efforts of
Vallourec
in terms of energy transition opportunities, as well as the identification and implementation of new opportunities for profitable growth.”
Biography of
Philippe Guillemot
Between 2017 and 2022, Philippe Guillemot was Chief Executive Officer of Elior Group, one of the world leaders in collective catering and services with leading positions in 5 countries. He carried out in-depth work to clean up the Group financially, provide it with a value-creating strategy and build a robust organization, which proved decisive in the context made extremely difficult by the Covid-19 crisis. 19.
From 2013 to 2016, he was Director of Operations and Sales at Alcatel-Lucent, where he developed a business recovery and transformation plan and then oversaw the integration of Alcatel-Lucent into Nokia. Previously, he was Chief Executive Officer and member of the Board of Directors of Europcar from 2010 to 2012; he was Chairman and Chief Executive Officer of Areva Transmission and Distribution (T&D) from 2004 to 2010; he was a member of the Executive Committees of automotive suppliers Faurecia (recently renamed Forvia, 2001-2003) and Valeo (1998-2000); he held various positions at Michelin (1983-1989 and 1993-1998) where he became a member of the Executive Committee in 1996.
Aged 62, he holds an MBA from Harvard Business School and is a graduate of the Ecole des Mines de Nancy. He is also a Knight of the National Order of Merit.
About Vallourec
A world leader in its markets, Vallourec provides leading tubular solutions for the energy sectors and for other of the most demanding applications: from oil and gas wells in extreme conditions to the latest generation power plants, including by bold architectural projects and high-performance mechanical equipment. True to its pioneering spirit and backed by cutting-edge R&D, Vallourec continues to push back technological frontiers. Established in some twenty countries, as close as possible to its customers, the Group brings together nearly 17,000 passionate and committed employees who offer much more than tubes: they offer ever more innovative, reliable and competitive solutions, to make all possible projects.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for the Deferred Settlement Service (SRD).
In the United States, Vallourec has set up a level 1 sponsored American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). The parity between the ADR and the ordinary Vallourec share is 5
for 1.
Calendar
|
18 may 202 2 May 24, 2022 | Publication of first quarter 2022 results General Meeting of Shareholders |
For more information, please contact:
|
Investor Relations Jerome Friboulet Phone. : +33 (0)1 49 09 39 77 |
Press relations Heloise Rothenbühler Phone. : +33 (0)1 41 03 77 50 |
Individual shareholder relations |
Attachment
2022 03 21 Vallourec-Press release