Home Business Societe Generale says CEO Oudea to quit next year By Reuters

Societe Generale says CEO Oudea to quit next year By Reuters

Societe Generale says CEO Oudea to quit next year
© Reuters. FILE PHOTO: Societe Generale’s Chief Executive Officer Frederic Oudea attends the Euronext stock exchange’s annual conference in Paris, France January 14, 2020. REUTERS/Benoit Tessier

PARIS (Reuters) -Societe Generale on Tuesday said Frederic Oudea, its chief executive since 2008, would not seek to renew his mandate at the next shareholders’ meeting on May 23, 2023.

France’s third-biggest listed bank said it would launch the process of finding a new chief executive and should be finished by 2023.

This month, the bank beat first-quarter earnings expectations but booked higher provisions for loans turning bad as the economic impact of the war in Ukraine hits its customers.

The bank said in April it would quit Russia and sell its Rosbank business there to Interros Capital, a company linked to Russian oligarch Vladimir Potanin, writing off roughly 3.1 billion euros.

SocGen has streamlined operations in recent years to boost returns and financial solvency, notably by selling businesses in Central and Eastern Europe and refocusing its corporate and investment banking.


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