Saint-Gobain CEO to Take on Chairman Role
24 November 2023 - 5:00AM
Dow Jones News
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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