Credit Agricole Chairman to Go After Management ShuffleFabio Benedetti-Valentini
Credit Agricole SA Chairman Jean-Marie Sander will step down, the latest senior official set to leave his role as the French bank shuffles top management.
“I will accompany the creation of the new team and I will put an end to my functions of chairman of the board before the end of the year,” Sander told shareholders in Lille, northern France, on Wednesday. Sander, 65, became chairman five years ago, teaming with Chief Executive Officer Jean-Paul Chifflet as the sovereign-debt crisis roiled Europe.
Philippe Brassac, previously head of the federation of regional banks that controls the publicly traded company, will replace the 65-year-old Chifflet, who is retiring today. Under Chifflet and Sander, Credit Agricole refocused on France and Italy after shrinking the investment bank and suffering multibillion-euro losses in Greece.
Sander’s term on Credit Agricole’s board runs until next year, according to the bank’s website. The board hasn’t yet announced a new chairman.
Credit Agricole, which sold its Greek consumer-banking unit more than two years ago, said in February its risks tied to the country amounted to 200 million euros ($222 million), excluding loans to the shipping industry.
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