March 18, 2019 / 12:22 PM / in a month

Soc Gen board recommends renewing CEO Oudea for new four-year term

FILE PHOTO: Frederic Oudea, Chief Executive Officer of French bank Societe Generale, attends a news conference to present the bank's 2017 annual results in Paris, France, February 8, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - Societe Generale board said on Monday it will ask shareholders to renew Chief Executive Frederic Oudea for a new four-year term at the next annual assembly to be held on May 21.

The board will also propose the renewal of Oudea’s four deputies, Severin Cabannes, Philippe Aymerich, Philippe Heim and Diony Lebot.

The board also wants shareholders to renew two independent board members Kyra Hazou and Gerard Mestrallet for a four-year term.

Frederic Oudea has held the top job at France’s third largest listed bank since 2009 and has led the lender through a series of set-backs, including the eurozone sovereign debt crisis in 2012 and a 4.9 billion euro loss incurred by rogue trader Jerome Kerviel in 2008.

Reporting by Inti Landauro; editing by Richard Lough

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