August 22, 2017 / 9:29 AM / in a year

Head of France's public-sector lender CDC to stay on until successor named

PARIS (Reuters) - Pierre-Rene Lemas, head of French public-sector lender Caisse des Depots (CDC), will stay on beyond his normal retirement date this month until a successor is found, Lemas and a presidential official said on Tuesday.

Lemas’ future at CDC has been uncertain for months after he said he wanted to complete his five-year term ending 2019 even though he reaches retirement age when he turns 66 this month.

The presidential official did not say how long Lemas would remain in his job. Lemas said in a statement that the president had decided to replace him.

“I will therefore assure in the public interest the continuity of the group’s leadership until a successor is named,” he said.

It is up to the French president to propose a chief for CDC, although parliament has to approve the choice.

Under President Emmanuel Macron’s predecessor, Francois Hollande, Lemas was chief of staff to the president while Macron was deputy chief of staff.

The CDC runs financing projects and savings accounts, and also holds stakes in many top French companies.

Reporting by Jean-Baptiste Vey and Leigh Thomas. Editing by Jane Merriman

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