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PRESS RELEASE –JUNE 16, 2022
Implementation of the succession plan
for the Chairman of the Executive Board of Wendel
André Francois-Poncet has informed Wendel’s Supervisory Board of his wish to hand over his mandate as Wendel’s Group CEO in the near future in order to pursue personal interests. He will continue to serve as Group CEO until the end of the recruitment process and onboarding of the future CEO and he is working hand in hand with Wendel's Governance and Sustainable Development Committee to that end.
The name of the new Group CEO will be announced during the second half of the year. He/she will team up with David Darmon, Member of the Executive Board and deputy Group Chief Executive Officer.
Nicolas ver Hulst, Chairman of Wendel's Supervisory Board, said:
"The Supervisory Board of Wendel acknowledged with regret André François-Poncet’s upcoming resignation. On behalf of the Board, I would like to thank him for the remarkable work he has accomplished at Wendel during almost five years. André has perfectly executed the mission we entrusted him with at the beginning of 2018, and he did so in spite of extremely challenging economic conditions resulting from the pandemic and the war in Ukraine. He will leave a stronger firm with an NAV which stood at its record high a few months ago, a deleveraged balance sheet, and a sound portfolio. From an operational perspective, he has transformed Wendel, with an organization refocused on Europe and North America, and he has strengthened our teams which are more focused on supporting our portfolio companies, as evidenced by their own excellent performance and top-notch CEOs. Lastly, he nurtured a strong ESG culture which today enables Wendel to stand out in our sector with recognized achievements.
Thanks to this transformation, the new cycle of portfolio redeployment set out in the 2021-2024 roadmap is well underway, with recent investments in Tarkett and ACAMS which followed our investment in CPI. We also thank André for his involvement in the selection process for the future Group CEO and for ensuring any necessary transition.”