Pursuant to the requirements under Article 14 of the Group’s Articles of Association and Memorandum, BNP Paribas’ Board of Directors decided on 3 May 2011 to extend Michel Pébereau’s term as Chairman until the General Shareholders’ Meeting to be held in May 2012. At the Board meeting, Michel Pébereau and Baudouin Prot indicated that they believed it would be suitable to consider the 1st December as the date at which BNP Paribas’ new management team would be taking up their positions. On this date, Michel Pébereau will step down from his position as Chairman of the Board of Directors; Baudouin Prot will replace him as Chairman and Jean-Laurent Bonnafé will become Chief Executive Officer.
Michel Pébereau made this information public, disclosing it to the shareholders at the General Shareholders’ Meeting on 11 May 2011.
The separation of the positions of Chairman and Chief Executive Officer was made possible by an amendment of the Group’s Articles of Association and Memorandum, approved by shareholders at the General Shareholders’ Meeting on 31 May 2002. It was put into effect as of 1 June 2003 by Michel Pébereau, who was at that time Chairman and CEO of the Group. This organisation has been particularly successful in a large group like BNP Paribas with diversified business operations spread across the globe, especially with respect to representing the Group in its dealings with major clients and domestic and international authorities. It allows the Chief Executive Officer to benefit from the experience, counsel and guidance of the Chairman. It makes corporate governance smooth and facilitates the process of preparing senior executives for the top position. Baudouin Prot joined the company in 1983 and was made Chief Executive Officer in June 2003. Jean-Laurent Bonnafé joined the bank in 1993 and became Chief Operating Officer in September 2008.
Michel Pébereau, Chairman of BNP Paribas, said: “I have devoted 18 years of my life to
BNP Paribas, including 10 years as Chief Executive Officer and 8 years as Chairman. Being in the top leadership position during the bank’s transformation and expansion, serving its customers and the economies of the countries in which we have a presence and creating value for our shareholders have been extraordinary challenges for me. I have always focussed on paving the way for the next generations. I am convinced that with Baudouin Prot and Jean-Laurent Bonnafé, two highly qualified and capable men at its helm, BNP Paribas has a very bright future indeed.”
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the strongest banks in the world*. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across the Europe-Mediterranean zone and boasts a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor’s i.e. 3rd rating level on a scale of 22.