SocGen Names Valet Deputy CEO, Broadens Top Managementby and
Bank adjusts top management as it prepares new business plan
Valet will remain head of SocGen’s investment-banking unit
Societe Generale SA named Didier Valet as its third deputy chief executive officer, promoting its investment-banking head as the French bank prepares a new business plan.
Valet, who turned 49 on Sunday, was appointed to the newly created position on Jan. 13. and will retain his role as head of corporate and investment banking, private banking, asset management and security services, the Paris-based lender said in a statement on Monday. Valet, a former analyst, replaced Frederic Oudea as chief financial officer in 2008, when the latter became the bank’s CEO just months after Jerome Kerviel’s 4.9 billion-euro ($5.2 billion) trading loss.
Societe Generale has avoided the kind of deep restructuring of its investment bank that many of its European rivals have carried out, and has expanded through takeovers in private banking and car leasing. Valet, already part of the bank’s 13-member executive committee, becomes one of its four top leaders, joining Oudea, 53, and deputy CEOs Bernardo Sanchez Incera and Severin Cabannes.
“Working closely with me, this new general-management team will be responsible for defining the bank’s new strategic plan,” Oudea said in the statement. The management change is “the first step toward a new, more agile mode of governance for the group.”
Cabannes, 58, remains in charge of finance, risk and resources while adding responsibility for Societe Generale’s compliance department. Sanchez Incera will continue to oversee retail banking, financial services and insurance.