BNP Paribas SA (BNP), which is shuffling its senior management, appointed Lars Machenil as chief financial officer to succeed Philippe Bordenave, who was named chief operating officer last week.
Machenil, 42, will start the post on March 1, the Paris- based bank said in a statement today. France’s largest lender enlarged its executive committee by a third on Dec. 2 after Jean-Laurent Bonnafe took over as chief executive officer, replacing Baudouin Prot, who became chairman following the retirement of Michel Pebereau.
Bonnafe, who oversaw the acquisitions of Italy’s Banca Nazionale del Lavoro SpA in 2006 and of Fortis assets in Belgium and Luxembourg in 2009, inherited the CEO job as the firm is trimming assets as the European sovereign-debt crisis squeezes funding options. BNP Paribas, along with Germany’s Deutsche Bank AG, is among European lenders placed under CreditWatch negative by Standard & Poor’s yesterday amid a similar review of 15 countries in the region.
Machenil, who has been CFO of BNP Paribas’s Belgian retail- banking unit since May 2009, will work as the group’s head of finance under Bordenave’s oversight. Before joining Fortis in 2000, Machenil worked for three years at McKinsey & Co. in Venezuela, Italy and in Brussels. He holds a doctorate in nuclear science and an engineering degree in electrotechnics, the company said.
BNP Paribas rose 47 cents, or 1.4 percent, to 33.46 euros by 1:35 p.m. in Paris trading, giving the bank a market value of 40.4 billion euros ($54.1 billion). The stock has fallen 30 percent in 2011.