SOCIETE GENERALE : SOCIETE GENERALE: NEW PHASE IN THE TRANSFORMATION:
ORGANISATION CHANGES & APPOINTMENTS
Paris, 13 February 2013
NEW PHASE IN THE TRANSFORMATION: ORGANISATION CHANGES & APPOINTMENTS
After taking a decisive step in its transformation in 2012, with major
progress in building up its financial solidity, Societe Generale is entering a
new phase of its Ambition SG 2015 programme to reinforce its universal banking
model, centred on three pillars of excellence, and continue to adapt to the
new economic and regulatory situation and the changing expectations of its
clients. The Group thus plans to reinforce its organisation by further
refocusing on its core businesses and simplifying its operating structures and
Organisational project: to improve commercial and operational efficiency
The new organisational structure will stand on the three core businesses on
which the Group has solid franchises and a recognised expertise, and on which
the Group intends to maximise synergies at the service of its clients:
*a French Retail Banking pillar, which covers the current scope (Societe
Generale's French Network, Crédit du Nord, Boursorama).
*a new International Retail Banking and Financial Services pillar created
by the combination of International Networks and Specialised Financial
Services and Insurance, the aim of which is to improve synergies across
countries and simplify the supervision.
*a new pillar encompassing Corporate & Investment Banking and Private
Banking, Global Investment Management Services, with a view to developing
commercial and operational efficiency, specifically in terms of the flow
business, with improved coordination of execution, clearing and custody
activities performed by SGCIB, Newedge and SGSS.
In addition, the Group relies on strong monitoring and control functions that
will need to adapt to the challenges of greater efficiency, simplification and
There will be review processes to define the target organisations for each
entity in the weeks to come. The organisation proposals will be addressed in
the framework of an enhanced employee dialogue in keeping with agreements with
trade unions and the procedures for consulting with worker councils.
Commenting on the proposed organisation, Frédéric Oudéa, Chairman and CEO
said: "As we begin 2013 with this second phase of our Ambition SG 2015
programme, we are taking a new step in the transformation of the Group and its
businesses. Our primary objective will be to make our organisation more
efficient and flexible, so that we can deliver on our promise to our clients
to be the best relationship bank, under optimal profitability and risk
conditions, and thus position Societe Generale among the strong European
universal banks in the new economic and regulatory environment."
The general management team composed of Frédéric Oudéa and the three Deputy
Chief Executive Officers, Séverin Cabannes, Jean-François Sammarcelli and
Bernando Sanchez-Incera will continue to work together under the authority of
the Chairman and CEO. They will retain their current scope of supervision over
the business lines. Séverin Cabannes will also be responsible for the
supervision of the Group's transformation.
With regard to the appointment for the proposed new business pillars:
- Didier Hauguel and Jean-Luc Parer will jointly assume
responsibility for the new International Retail Banking and Financial Services
division that will be created.
- Didier Valet will be in charge of the new division that will be the
result of pooling the Corporate & Investment Banking and Private Banking,
Global Investment Management Service activities.
In addition, Philippe Heim has been appointed Group Chief Financial Officer as
of 1 March 2013. William Kadouch-Chassaing replaces him as Deputy Chief
Financial Officer and Head of Group Strategy.
Jacques Ripoll, Head of Global Investment Management and Services, has decided
to pursue his career outside the Group. Frédéric Oudéa together with the
general management team thank him for his action within the Group and notably
his decisive contribution to the improvement of his division's performance,
and they wish him plenty of success in his new projects.
* * *
Philippe Heim was Deputy Financial Officer since March 2012 and Head of the
Group Strategy since 2009. He began his career in 1997 at the French Budget
Ministry, where he held a number of posts before being appointed as Deputy
Trade commissioner at the French Embassy in Singapore. In 2003, he was
appointed technical advisor to Mr. Francis Mer, the French Minister of the
Economy, Finance and Industry. In 2004, he became the budget advisor to Mr.
Nicolas Sarkozy, the Minister of the Economy, Finance and Industry, and later
the same year he was appointed the Head of Cabinet of Mr. Jean-François Copé,
Minister for Budget and Government Spokesman. He joined Societe Generale in
2007 as a senior bank before being appointed in 2009 as Head of Group
Strategy. Philippe Heim is a graduate of the National School of Administration
(ENA), the Paris School of Management (ESCP Europe) and of the Paris Institute
of Political Studies (Sciences Po).
William Kadouch-Chassaing joined Societe Generale is 2007 as Senior Banker
within Societe Generale Corporate & Investment Banking, in charge of a
portfolio of French and Belgium corporates. He started his career as an
academic (History and Economics) and a public servant, before joining JP
Morgan in 1996, as a market economist and strategist, then joining the M&A
department in 1998, in Paris and London.
William Kadouch-Chassaing graduated from the Ecole Normale Supérieure
(Humanities), from the Institut d'Etudes Politiques in Paris, from the
Fondation Nationale des Sciences Politiques and the Sorbonne University, where
he focused his research on contemporary history. He was awarded the rank of
professor of economics and social sciences.
Other biographies are available on request at the press office.
Societe Generale is one of the leading financial service groups in Europe.
With its diversified banking model, the Group combines financial solidity and
a sustainable growth strategy with the ambition of being the
relationship-focused bank, a leader in its markets, close to its customers,
and recognised for the quality and the commitment of its teams.
The Group has over 160,000 employees across 77 countries, who serve more than
33 million customers across the globe. Societe Generale's teams offer advisory
and other services to individual customers, companies and institutions as part
of three main business lines:
*Retail Banking in France under the Societe Generale, Credit du Nord and
*International Retail Banking, which is present in Central and Eastern
Europe, Russia, the Mediterranean Basin, Sub-Saharan Africa, Asia and in
the French Overseas territories;
*Corporate and Investment Banking with its broad range of expertise in
investment banking, finance and market activities.
Societe Generale is also a major player in the businesses of Specialised
Financial Services and Insurance, and Private Banking, Global Investment
Management and Services.
Societe General is included in the FTSE4Good and ASPI sustainable-development
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ORGANISATION CHANGES & APPOINTMENTS
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