Engie: UBS still a buyer after board decision
(CercleFinance.com) - Engie has announced that its board of directors has decided not to renew the Isabelle Kocher's mandate as a director, which will expire in May.
Isabelle Kocher will therefore leave her post as group CEO at the end of her term of office in May.
"While the company searches for a successor, operational management of the group will be assumed collectively by Paulo Almirante (COO), Judith Hartmann (CFO) and Claire Waysand (General Secretary, appointed interim CEO), supported by current Chairman Jean-Pierre Clamadieu," UBS says.
"The company highlights its willingness to "deepen the strategy launched to make Engie a leader in the energy and climate transition" which we read as a form of continuity in the strategic shift operated by the group over the past years," the broker adds.
"The group must continue to simplify its organisation, clarify its strategic options and boosts its business model in renewable energies and client solutions".
"We don't anticipate a major shift in the strategy over the short term," UBS says, thereby confirming its buy rating on the share, with a target price of 16.50 euros.
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