Total Names Patrick Pouyanné CEO, Thierry Desmarest Chairman - Update

(RTTNews) - French oil company Total S.A. (TOT, TTFNF, TTA.L), Tuesday named Patrick Pouyanné, currently head of refining and chemicals unit, chief executive officer and Thierry Desmarest as chairman, following the untimely demise of chief Christophe de Margerie in a plane crash.

de Margerie, who held the positions of chairman and CEO, died in a private plane crash in the late evening of October 20 at Vnukovo Airport in Moscow, after the plane collided with a snow-removing machine.

Patrick Pouyanné was until today president of Refining & Chemicals and a member of the Executive Committee. After holding several executive positions in the Upstream segment in France and internationally for about fourteen years, he is credited with having successfully steered its refining and chemicals unit.

Desmarest is currently a member of the board and also its honorary chairman. His role as chairman will conclude at the end of 2015 in accordance with the age limits stipulated in the company's bylaws, Total said. The positions of chairman and CEO will then be recombined.

de Margerie joined Total in 1974, and held several executive positions before he was named CEO in February 2007 and Chairman and CEO in May 2010. His was a tenure of success for Total in the oil and gas sector, and more recently, in solar energy. He was in Russia to take part in a meeting conducted by the Russian government on foreign investment in Gorki, near Moscow.

Pouyanné's elevation to the position of CEO comes at a time of a slump in oil prices that affects earnings. Recently Total resorted to cost cuts to shore up profits.

Total, which has interests in Russian gas company OAO Novatek, also has to sanguinely deal with the political establishment in Russia which is facing sanctions from Europe and the U.S. over the Ukrainian crisis. de Margerie was able to promote Total's interests in Russia, given his closeness to Russian President Vladimir Putin.

Total said that following the designation by the Central Works Council of a board member to represent employee shareholders, which is scheduled for November 4, the Group's board will consist of fourteen members, including one employee shareholder representative.

In Paris, Total closed Wednesday at 44.59 euros, up 0.17 euros or 0.37%, on a volume of 7.7 million shares.