SocGen reveals several management changes

Tuesday, 04. August 2020 09:01

Societe Generale S.A. announced on Tuesday several changes in the bank's senior management.

Deputy Chief Executive Officer Severin Cabannes decided to retire in 2021 and will leave the post at the end of 2020, SocGen revealed in a statement, adding that it will now employ two deputy CEOs instead of four. Also, positions of Deputy general manager will be introduced and will be "entrusted to a new generation of high-potential managers."

"Together, we will focus on accelerating the transformation of our business to better serve our clients, particularly in capital markets and retail banking, in an economic environment impacted by the COVID crisis and in a broader context of technological shift and of increased responsibility for banks to finance the positive transformations of economies. The objective of this new organisation is to enable us to strengthen the Group synergies and our efforts to reduce costs," CEO Frederic Oudea noted in a statement.

Related Links: Société Générale S.A.
Author:
Baha Breaking the News (BBN) / MS