WENDEL : Wendel organizes a management transition and confirms its strategic orientations
PRESS RELEASE, SEPTEMBER 7, 2017
Wendel organizes a management transition and confirms its strategic orientations
Following the announcement by Wendel SE in December 2016 of its 2017-2020 strategic orientations, Wendel's Supervisory Board has launched studies on how they would be carried out and implemented. During this strategic process, many discussions with the Executive Board took place. The Supervisory Board and Frédéric Lemoine agreed that the executive governance of Wendel would be renewed to address this new phase. Thus, it has been decided that Frédéric Lemoine would leave the company at the end of the year.
Frédéric Lemoine has chaired the Executive Board of Wendel for nearly 9 years, during a very turbulent period of the history of the Group. From 2009 to 2012, under his leadership, the Group regained a healthy financial situation and returned to investment grade status in 2014. At the same time, Wendel pursued the development of its companies achieving value creating operations while nurturing Wendel's long term investor DNA. From 2013 to 2016, Wendel invested more than €2bn in new geographies and new leading companies such as Constantia Flexibles, IHS in Africa, and Allied Universal in North America.
The Supervisory Board expresses its warmest gratitude to Frédéric Lemoine for all his great achievements. Frédéric Lemoine was asked to remain the only representative of Wendel on Saint-Gobain's Board of Directors until 2020.
The name of the future Chairman of the Executive Board of Wendel will be disclosed in due time. Bernard Gautier will keep his functions of Member of the Executive Board alongside him.
Agenda
11/30/2017
2017 Investor Day / Publication of NAV and trading update (pre-market release).
03/22/2018
2017 Full-Year Earnings / Publication of NAV (pre-market release)
05/17/2018
2018 Shareholders' Meeting / Publication of NAV and trading update (before Shareholders' Meeting)
09/06/2018
H1 2018 earnings / Publication of NAV (pre-market release).
11/29/2018
2018 Investor Day / Publication of NAV and trading update (pre-market release).
About Wendel
Wendel is one of Europe's leading listed investment firms. The Group invests in Europe, North America and Africa in companies that are leaders in their field, such as Bureau Veritas, Saint-Gobain, Cromology, Stahl, IHS, Constantia Flexibles and Allied Universal. Wendel plays an active role as industry shareholder in these companies. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Through Oranje-Nassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of exceet in Germany, Mecatherm in France, Nippon Oil Pump in Japan, Saham Group, SGI Africa and Tsebo in Africa, and CSP Technologies in the United States.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's ratings: Long-term: BBB-, stable outlook -Short-term: A-3 since July 7, 2014. Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of "Grand Mécène de la Culture" in 2012.
For more information:
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| Press contacts | Analyst and investor contacts | |
| Christine Anglade Pirzadeh : + 33 1 42 85 63 24 | Olivier Allot : +33 1 42 85 63 73 | |
| c.anglade@wendelgroup.com | o.allot@wendelgroup.com | |
| Caroline Decaux : +33 1 42 85 91 27 | Elisa Muntean : +33 1 42 85 63 67 | |
| c.decaux@wendelgroup.com | e.muntean@wendelgroup.com |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: WENDEL via GlobeNewswire
