Societe Generale: Slawomir Krupa proposes new executive governance and management team as of 24 may 2023

SLAWOMIR KRUPA PROPOSES NEW EXECUTIVE GOVERNANCE AND MANAGEMENT TEAM AS OF 24 MAY 2023

Press release

Paris, 9 March 2023

On 8 March, Slawomir Krupa presented to the Societe Generale Board of Directors the new executive governance structure and management team that he plans to put in place once he takes up his role as Chief Executive Officer. The Board will propose Slawomir Krupa as director to the Annual General Meeting of 23 May 2023 with a view of appointing him CEO on the same day.

To assist the Chief Executive Officer, the renewed and strengthened senior management team would include two deputy Chief Executive Officers and a newly formed Executive Committee, to be appointed on 24 May 2023.

The new management team will present the Group’s new strategic roadmap in Q3 2023.

While serving Societe Generale’s 25 million clients worldwide and making a purposeful and responsible contribution to the sustainable development goals, the team will focus on three strategic priorities under the roadmap:

• The efficient stewardship of the capital entrusted to the Group by its shareholders;
  • The quality of execution of the long-term roadmap, starting with our ongoing strategic projects: the new SG retail bank in France, Boursorama’s development, ALD’s acquisition of LeasePlan, the joint venture with AllianceBernstein, and the roll-out of the Group ESG strategy; and
  • The structural improvement of the Group’s operational performance and profitability.
    
    

The formation of the new management team will be based on several key principles:

• A core General Management team, consisting of the Chief Executive Officer, Slawomir Krupa, and two Deputy Chief Executive Officers, tasked with proposing and implementing Societe Generale’s development strategy effectively and cohesively.
  • A newly created Executive Committee, working collaboratively with the Chief Executive Officer and the Deputy Chief Executive Officers, in a streamlined and efficient organisation focused on strengthening the performance of all its businesses, and managing its resources and risks effectively.
  • The intention to assign all supervisory management roles to professionals recognised in their field. The members of the Executive Committee would be women and men, nearly all with at least 20 years of experience in the Bank’s businesses, and who are all proven in their area of expertise.
    
    

Of the Executive Committee’s 13 members, 10 come from within Societe Generale, drawing on the depth of the Group’s talents pool. Distinguished external professionals will also join the management team, bringing to the Group a fresh, complementary perspective thanks to their diverse backgrounds and expertise.

• Gender equality in the Executive Committee. Of its 13 members, 7 would be women when it is formed on 24 May 2023.
  
  

Beyond the management team, Societe Generale’s strength and the source of its sustainable performance are its people. The new management team will strive to make the development and engagement of the employees a focal point of the company’s strategic roadmap.

After consulting with the Nomination and Corporate Governance Committee, the Board of Directors unanimously approved Slawomir Krupa’s proposal to appoint Philippe Aymerich and Pierre Palmieri as Deputy Chief Executive Officers as of 23 May 2023. Both have over 30 years of experience at and commitment to Societe Generale, and are recognized for their skill, excellent results, integrity, leadership and innovation capacity.

From 24 May 2023, the Executive Committee will be composed as follows (in addition to the Chief Executive Officer and the two Deputy Chief Executive Officers):

• Anne-Christine Champion, joining Societe Generale Group as Co-Head of Global Banking and Investor Solutions
• Marie-Christine Ducholet, Head of the SG French Retail Banking Network
• Claire Dumas, Group Chief Financial Officer
• Alexandre Fleury, appointed Co-Head of Global Banking and Investor Solutions
• Delphine Garcin-Meunier, appointed to the new role of Head of Mobility and International Retail Banking
• Stéphane Landon, Group Chief Risk Officer
• Laura Mather, joining Societe Generale as Group Chief Operating Officer
• Laetitia Maurel, appointed Group Head of Communication
• Grégoire Simon-Barboux, Group Head of Compliance
• The new Group Head of Human Resources whose recruitment is finalized and will be announced soon.

Diony Lebot whose mandate as Deputy Chief Executive Officer will end on 23 May, will become advisor to the General Management team.

Lorenzo Bini Smaghi, Chairman of the Board of Directors: "The transition period set by the Board was aimed at ensuring an efficient and smooth leadership handover. We are pleased that Slawomir Krupa has been able to put together, ahead of the Annual General Meeting of 23 May, an experienced and gender-balanced management team. The team reflects the wealth of talent at Societe Generale, as well as its attractiveness to those outside the Group. Going forward, the goal is to successfully follow through on our Bank’s development by creating value for all our stakeholders, and by helping to build a better and sustainable future, as per our corporate purpose.” 

Slawomir Krupa, chosen by the Board of Directors as the next Chief Executive Officer, commented: "Societe Generale is a bold, innovative and committed bank. The new chapter of the Group that we will open together will start first and foremost with our most important assets: our teams and our clients. I am proud to be able to build our future Executive Committee, made up of many of our own talented women and men. I am also encouraged by how this development has attracted proven professionals from outside our Group. 

We are using the transition period set out by the Board to propose a management structure and team designed to have the experience and expertise needed for the challenges ahead, which will require a focus on both efficiency and performance.
Under my leadership, with our Deputy Chief Executive Officers Philippe Aymerich and Pierre Palmieri, the future Executive Committee is preparing to transition from the current management team from 24 May 2023. I thank them warmly for helping us during the period.

Together we will be firmly committed to driving the Group’s development, guided by three key success factors: efficient stewardship of the capital entrusted by our shareholders; high expectations for quality and responsibility in carrying out our major strategic projects; and sustainable performance and profitability.”

_ Note for editors: below attached

Press contacts:

Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

Societe Generale

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 117,000 members of staff in 66 countries and supports on a daily basis 25 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

• French Retail Banking with the SG bank, resulting from the merger of the two Societe Generale and Crédit du Nord networks, and Boursorama. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;

• International Retail Banking, Insurance and Financial Services, with networks in Africa, Central and Eastern Europe and specialised businesses that are leaders in their markets;
• Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.
  
  

Societe Generale is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
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