Regulatory News:
Legrand (Paris:LR):
Gilles Schnepp, Legrand’s Chairman, has offered to the Board of
Directors, which accepted it, to make a new change in the Group’s
governance.
Following a first step taken in February 2018 towards a
governance meeting the highest standards and best practices in
place – on one hand, by permanently separating the offices of
Chairman and of Chief Executive Officer and on the other hand by
appointing Benoît Coquart as Chief Executive Officer – a further
step is announced today. This will be effective from July 1, 2020
and would consist in the appointment of Angeles Garcia-Poveda, an
independent director since 2012, as Chairman of Legrand’s Board of
Directors1. Angeles Garcia-Poveda is currently Lead Director and
chairs the Compensation Committee, the Nominating and Governance
Committee and is also a member of the Strategy and Social
Responsibility Committee.
Following this change, Michel Landel would be appointed as Lead
Director and Chairman of the Nominating and Governance Committee,
and Annalisa Loustau Elia would chair the Compensation Committee.
These appointments would also be effective from July 1, 2020.
Besides, Benoît Coquart, CEO would be appointed as a Director2.
Angeles Garcia-Poveda, a 49-year old Spanish national, worked as
a strategy consultant at The Boston Consulting Group (BCG) for 14
years, before taking charge of its global recruiting. In 2008, she
joined Spencer Stuart where she was Managing Director for France
and then for the EMEA region, and member of the global Executive
Committee. She currently sits on the group’s Supervisory Board.
Throughout her career, Angeles Garcia-Poveda has been attached to
carry out ambitious development projects both in France and abroad,
while focusing on governance issues, talent management, mergers
& acquisitions and the deployment of operational strategy.
Angeles Garcia-Poveda has intimate knowledge of the challenges
facing Legrand and of its development strategy that aims to create
value sustainably for all its stakeholders. Since 2012, she has
played a key role in Legrand’s governance, in particular by
promoting best practices to ensure Legrand remains a governance
benchmark among CAC 40 Index.
Gilles Schnepp commented: “This change marks the
culmination of a succession process prepared for and conducted with
the full support of the entire Board of Directors. I am proud to
see the company with an exemplary and professional dissociated
governance framework to meet Legrand’s interests. I am also happy
to remain a director and shareholder to continue to accompany
Legrand’s profitable and sustainable development.”
Angeles Garcia-Poveda stated: “I’m proud of the trust
that Legrand’s Board and Gilles Schnepp have placed in me and
enthusiastic about the idea of continuing to support this
remarkable company. I will make every effort to fulfill my duties
as Chairwoman of the Board and thus watch over the interests of
Legrand and its stakeholders.”
Biographies
Biography of Gilles Schnepp
Gilles Schnepp, 61, is a graduate of the École des Hautes Études
Commerciales (HEC) business school. He began his career at Merrill
Lynch France where he became Vice-Chairman. He then joined Legrand
in 1989 as Deputy Chief Financial Officer. He was appointed as
Company Secretary of Legrand France in 1993, Chief Financial
Officer in 1996 and Chief Operating Officer in 2000. Gilles Schnepp
has been a Director of Legrand since 2002 and Chairman of the Board
of Directors since 2006. He served as Chairman and Chief Executive
Officer from 2006 until February 7, 2018. Gilles Schnepp has also
been Chairman of the French Federation of Electrical, Electronic
and Communication Industries (FIEEC) since July 2013, Director of
Saint-Gobain since 2009, Vice-Chairman and Senior Independent
Member of Peugeot since 2019, a member of the Executive Board of
Medef and Chairman of the Commission for the Ecological and
Economic Transition since 2018.
Biography of Angeles Garcia-Poveda
Angeles Garcia-Poveda, 49, is a graduate of ICADE business
school in Madrid and attended the Business Case Study Program at
Harvard University. Before joining Spencer Stuart in 2008, she
worked for fourteen years with the Boston Consulting Group (BCG) in
Madrid and Paris as a strategy consultant, before taking on various
different recruiting missions at local and international levels. As
head of global recruitment at BCG, she worked on cross-border
recruitment projects. After managing the Spencer Stuart France
office for five years, Angeles Garcia-Poveda served as head of the
EMEA region for three years and was a member of the global
Executive Committee. She is currently a Director of Spencer Stuart
at global level. As Partner, she runs the Governance practice in
France and thus helps international clients on executive and board
recruitment and assessment projects, and on governance issues
advisory.
Biography of Michel Landel
Michel Landel, 68, is a graduate of the European Business
School. He began his career in 1977 working for Chase Manhattan
Bank. In 1980, he joined the Poliet group as a plant manager. In
1984, he joined Sodexo Group as Operations Manager for Africa. He
was appointed as Sodexo’s CEO in North America in 1989. In 2000, he
became Vice-Chairman of the Executive Committee and then in 2003
the Deputy Chief Executive Officer. From 2005 to January 2018, he
was Sodexo’s Chief Executive Officer and Chairman of the Executive
Committee. He was appointed as a director of Sodexo in 2007. In
addition, Michel Landel is Lead Director and Chairman of Danone’s
Governance Committee, as well as Chairman of the Louis Delhaize
group’s Board of Directors.
Biography of Annalisa Loustau Elia
Annalisa Loustau Elia, 54, graduated in law from La Sapienza
University in Rome. She worked at Cartier in Paris and Geneva for
four years, then spent two years with L’Oréal (Luxury goods
division) in Paris and 13 years with Procter & Gamble in
Geneva, as well as with its subsidiaries in Paris and Rome. Her
rich professional background has given her substantial marketing
and product development experience in the luxury goods, retail and
mass markets sectors. Annalisa Loustau Elia has been Head of
Marketing and a member of Printemps’ Executive Committee since
2008. She has also been a director of Campari since 2016 and member
of the Supervisory board of Roche Bobois since 2018.
Biography of Benoît Coquart
Benoît Coquart, 46, is a graduate of the Institut d’Etudes
Politiques, political science institute, in Paris and of the ESSEC
business school. He joined Legrand immediately after completing his
studies in 1997 to take in charge the Group’s activities in South
Korea. Pursuing his career within the Group, he held several
positions, including Head of Investor Relations, Vice-President of
Corporate Development (M&A), Executive Vice-President Strategy
and Development and Executive Vice-President France. Benoît Coquart
was appointed as Chief Executive Officer of Legrand on February 8,
2018. He has also served as Chairman of Ignes, the French digital,
energy and safety & security engineering industry association,
since 2019.
Key financial dates:
- 2020 first-quarter results: May 7, 2020 “Quiet period3”
starts April 7, 2020
- General Meeting of Shareholders: May 27, 2020
- Ex-dividend date: June 1, 2020
- Dividend payment: June 3, 2020
- 2020 first-half results: July 31, 2020 “Quiet period3”
starts July 1, 2020
About Legrand
Legrand is the global specialist in electrical and digital
building infrastructures. Its comprehensive offering of solutions
for commercial, industrial and residential markets makes it a
benchmark for customers worldwide. Drawing on an approach that
involves all teams and stakeholders, Legrand is pursuing its
strategy of profitable and sustainable growth driven by
acquisitions and innovation, with a steady flow of new
offerings—including Eliot* connected products with enhanced value
in use. Legrand reported sales of over €6.6 billion in 2019. The
company is listed on Euronext Paris and is notably a component
stock of the CAC 40 index. (code ISIN FR0010307819)
https://www.legrandgroup.com
*Eliot is a program launched in 2015 by Legrand to speed up
deployment of the Internet of Things in its offering. A result of
the group’s innovation strategy, Eliot aims to develop connected
and interoperable solutions that deliver lasting benefits to
private individual users and professionals.
https://www.legrandgroup.com/en/group/eliot-legrands-connected-objects-program
1 Subject to her reappointment as a Director at the
Shareholders’ meeting on May 27, 2020. 2 Subject to approval at the
Shareholders’ meeting of May 27, 2020. 3 Period of time when all
communication is suspended in the run-up to publication of
results.
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Investor relations Legrand Ronan Marc Tel: +33 (0)1 49 72
53 53 ronan.marc@legrand.fr Press relations Publicis
Consultants Vilizara Lazarova Tel: +33 (0)1 44 82 46 34 Mob: +33
(0)6 26 72 57 14 vilizara.lazarova@consultants.publicis.fr
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