Salem Radio Network News Tuesday, July 5, 2022

Business

Societe Generale CEO Oudea to quit next year

By Dominique Vidalon and Matthieu Protard

PARIS (Reuters) -Societe Generale Chief Executive Frederic Oudea said on Tuesday he would not seek to renew his mandate at the next shareholders’ meeting on May 23, 2023.

France’s third-biggest listed bank said it would launch the process of finding a successor for Oudea, who has been CEO since 2008, and should be finished by 2023.

“I told the board I would not be candidate to the renewal of my mandate in 2023. It is a decision I took with humility, lots of emotion but also with a serene mind,” Oudea told the annual shareholders meeting.

This month, the bank beat first-quarter earnings expectations but booked higher provisions for loans turning bad as the economic impact of the war in Ukraine hits its customers.

The bank said in April it would quit Russia and sell its Rosbank business there to Interros Capital, a company linked to Russian oligarch Vladimir Potanin, writing off roughly 3.1 billion euros ($3.3 billion).

Under Oudea’s lead SocGen has streamlined operations in recent years to boost returns and financial solvency, notably by selling businesses in Central and Eastern Europe and refocusing its corporate and investment banking.

A graduate from elite French schools Ecole Polytechnique and ENA, Oudea joined Societe Generale in 1995.

He became finance chief in January 2003 before taking over as CEO in 2008 in the wake of huge losses on equity derivatives caused by rogue trader Jerome Kerviel.

Oudea then became chairman and CEO until 2015 when the function was split.

($1 = 0.9486 euros)

(Reporting by Dominique Vidalon; Editing by Tassilo Hummel, Edmund Blair and Emelia Sithole-Matarise)

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