Bloomberg News

SocGen Investors Push to Split Chairman, CEO Roles, Echos Says

April 17, 2012

Societe Generale SA (GLE) shareholders are urging France’s second-largest bank to adopt a new management structure, splitting the roles of chairman and chief executive officer, Les Echos reported, without citing sources.

Frederic Oudea currently holds the dual role of chairman of the board and chief executive officer, but French asset manager PhiTrust is leading a push to split the two, the newspaper said. At BNP Paribas SA (BNP) and Credit Agricole SA (ACA), the positions are distinct.

Investors will be vote on a motion to split the roles at Societe Generale’s May 22 annual shareholder meeting, the newspaper said. The bank’s board of directors didn’t approve the motion at an April 13 meeting, the newspaper said.

To contact the reporter on this story: Chris V. Nicholson in Paris at cnicholson22@bloomberg.net

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net


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