FRÉDÉRIC OUDÉA was yesterday promoted to executive chairman of Société Générale, after the sudden resignation last week of Daniel Bouton as chairman.
It is the second time that Mr Oudéa has succeeded Mr Bouton,having replaced him as chief executive last May. This followed the Jérome Kerviel trading scandal in January 2008 that forced Mr Bouton to split his chairman and chief executive roles.
The decision followed a lengthy board meeting yesterday morning, leading to speculation that the directors had been unable to agree on an alternative candidate.
While Mr Oudéa (45) was well regarded, there had been some questions within the board over whether it was too soon to appoint him following last year’s hasty promotion from finance director.
Tony Wyand, a SocGen director since 2002 and frontrunner for the job, was appointed to the newly created post of vice-chairman. The former executive director of UK insurer Aviva was supported by some directors but was seen by others as outside the Paris establishment.
Other candidates included board director Jean-Martin Folz, former PSA Peugeot Citroën head, but his prospects were undermined by his position as head of the bank’s remuneration committee. –
