(3 May 2018 – Europe) Following the surprise resignation of deputy chief executive Didier Valet, Société Générale has made several changes to its executive team.
While current chief executive Frédéric Oudéa has been given another four years in the top position, pending shareholder approval, he will be supported by four deputy chief executives, three of whom will be new to the role.
Séverin Cabannes will be the sole remaining deputy chief executive following the departures of Mr Valet and Bernardo Sanchez Incera. Diony Lebot, Philippe Aymerich and Philippe Heim will be the new deputy chief executives.
The departure of Mr Valet, previously the head of investment banking, has been linked to the ongoing US investigations into alleged Libor rigging. According to people familiar with the matter, the bank would have faced much tougher penalties from the US Department of Justice if Mr Valet had not resigned.