Saint-Gobain: Chairman and CEO functions combined

(CercleFinance.com) - Saint-Gobain announced last night its intention to combine the functions of Chairman of the Board of Directors and Chief Executive Officer, which will be exercised by Benoit Bazin, with effect from the next Annual General Meeting.


In a press release, the building materials manufacturer explains that this decision, taken unanimously by its Board, completes the transition period begun in 2021.

The aim is also to have the governance structure 'best suited to its ambitions and the challenges and opportunities that lie ahead', it adds.

Jean-Francois Cirelli, who has been an independent director since 2020, will be appointed Lead Director and Vice-Chairman of the Board at the close of the next AGM.

The powers of the Lead Director will be strengthened, as the Board will be obliged to appoint a Lead Director and Vice-Chairman in the event of a combination of functions.

The proportion of independent directors will also be increased to 82%, with three new directors to be put to the vote at the meeting: Sophie Brochu, former CEO of Hydro-Québec, Hélène de Tissot, CFO of Pernod Ricard, and entrepreneur Geoffroy Roux de Bézieux.

The Group's next AGM will be held on June 6, 2024.

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