SGO Cie de SaintGobain

By Adria Calatayud

Compagnie de Saint-Gobain Chief Executive Benoit Bazin will add the chairman role when Pierre-Andre de Chalendar retires, completing a corporate-governance reorganization that began in 2021.

The French construction-materials company said Thursday that combining the roles of chair and CEO is the best solution to deliver on its plans and deal with its challenges. This will ensure an alignment between the strategic directions validated by the board and their implementation, the company said.

Bazin, who has been CEO since 2021, will assume the role of chairman at the end of Saint-Gobain's annual general meeting scheduled for June 6. De Chalendar will retire the same day, the company said.

To strengthen the board, the company will propose an obligation to appoint a lead independent director with reinforced powers and to increase the proportion of independent directors to 82% from 73%, it said.

Jean-Francois Cirelli, independent director at Saint-Gobain since 2020, will be appointed lead independent director and board vice-chairman from the close of the meeting, the company said.

Saint-Gobain said its board has been working on a restructuring of the group's governance and its balance of power since 2021.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 23, 2023 12:45 ET (17:45 GMT)

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