Societe Generale hires new dy CEO

Societe Generale hires new dy CEO
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First Published: Mon, Mar 17 2008. 04 16 PM IST
Updated: Mon, Mar 17 2008. 04 16 PM IST
AP
Paris: Societe Generale SA on Monday named Chief Financial Officer Frederic Oudea as deputy chief executive to assist with its new strategic plan aimed at helping the bank recover from an enormous trading loss.
The Paris-based bank, France’s second-largest by market value, said Oudea will join the bank’s two existing deputy CEOs, Didier Alix and Philippe Citerne. Daniel Bouton, whose offer to resign was declined by the SocGen board when the trading loss came to light, will continue as chairman and CEO.
Oudea will help implement the bank’s strategy plan for 2008 through 2010, which includes expansion in fast-developing countries such as Russia, Brazil and India.
The plan was announced after the bank announced it lost nearly euro5 billion (more than $7 billion) because of unauthorized trades it blames on a single futures trader, Jerome Kerviel.
The bank raised euro5.5 billion in capital after that announcement and after losses related to the subprime mortgage crisis in the United States. The successful capital hike was seen as a boost for the bank’s independence after the trading scandal made it a takeover target.
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First Published: Mon, Mar 17 2008. 04 16 PM IST