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SocGen to press ahead with new strategic plan following…

PARIS, Aug 4 – French bank Societe Generale decided to reshuffle its senior management so it could press ahead without delay in preparing a new strategic plan to be unveiled next year, Chief Executive Frederic Oudea told Reuters.

Oudea, whose mandate expires in 2023, also said that the reshuffle announced earlier on Tuesday did not mean there had been any acceleration in the bank’s succession planning.

“The goal is to prepare the strategic plan without delay,” Oudea said in a phone interview.

“It seemed important to me to put together a team for the next few years both to confirm the rebound in the group’s performance in the short term and, above all, to build for the future. It is a move that was long prepared and organised.”

France’s third-biggest bank by market capitalisation, has struggled to perform in businesses it wants to keep, such as equities trading, in a blow to Oudea’s efforts to boost its profitability.

Earlier on Tuesday, the bank announced a broad management reshuffle following two consecutive quarterly losses. It cut the number of deputy chief executive roles to two from four and said it was creating new deputy general manager roles.

Severin Cabannes, who oversees the investment bank, will leave his deputy CEO position at the end of this year. Philippe Heim, who is in charge of international markets, will also drop his deputy CEO role.

The bank is due to present a new strategic plan in the first half of 2021. (Reporting by Maya Nikolaeva; Additional reporting by Matthieu Protard; Editing by David Clarke)

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