Eutelsat Communications’ chairman of the board Jean-Martin Folz has resigned, with CEO Michel de Rosen to now take up the post in addition to his duties as chief exec.
Jean-Martin Folz told Eutelsat yesterday at a board meeting that he would not seek to renew his mandate as chairman when it expires at the general assembly of shareholders in November.
In a statement, Eutelsat said the decision was made in order to respect French corporate governance recommendations on multiple directorships. Folz, who was chairman and CEO of Citreon from 1997 to 2007 was elected to the board of AXA last year, for a period that will run until 2015.
Eutelsat said Folz’s resignation was to enable the board to immediately appoint a successor and avoid “uncertainty during a period of transition.
“Noting that the recent developments of Eutelsat and the reorganisation of shareholders no longer justifies the separation of the roles of chairman and CEO, the board decided to merge the two functions, reverting to the practice in place from 2004 to 2009,” the company said.
De Rosen, who has been Eutelsat’s CEO since 2009, was appointed by a unanimous decision.
“Michel de Rosen expressed the board’s appreciation of Jean-Martin Folz’s chairmanship over the last two years and of his extensive international and industrial experience that has played a key role in the strategic directions pursued by the group,” said the company.