Societe Generale creates a more agile, customer-focused organisational structure

Societe Generale is redefining its organisation and announcing several appointments within its management teams. The purpose of these changes is to create a more agile, customer-focused way of working in light of the priorities set out in its new strategic plan, to be released on 28 November.

The work has been guided by three principles:

• Strengthening the alignment of our entire organisation with the shared objective of service and customer satisfaction;
• Increasing the company’s agility and its teams’ capacity for innovation, in order to implement the strategy faster;
• Continuing to develop synergies between businesses, maintaining coherence within the Group and upholding sound risk management practices.

Our new organisational structure will be more horizontal, increasingly customer-focused and have a greater emphasis on regions. It will be based on 17 Business Units and 10 Service Units that will report directly to the Group’s General Management team. The proposed list of operational units, their Managers and General Management Supervisors is provided below.

Over the coming weeks, we will be working on the specific operating methods for this new governance structure (decision-making and mediation procedures, management bodies, shared objectives, etc.), which we intend to implement in September 2017. Any necessary changes in organisational structure, both at Group level and in the future operational units, will be implemented as of January 2018, in full compliance with staff relations practices and in consultation with the staff representative bodies.

As such, in order to step up the implementation of its transformation plan, the Societe Generale French Retail Banking network has launched a plan to further develop its organisation, with notably the creation three new divisions: Clients, Operations & Transformation and Real Estate.

The Group will continue to present its financial results based on three balanced core businesses, all consistent in their business momentum and in line with the company’s strategy (i.e. French Retail Banking, International Retail Banking & Financial Services, Global Banking & Investor Solutions).

For Frédéric Oudéa, Chief Executive Officer: “After the success of the 2012-2016 phase of the Group’s transformation, we will be embarking on a new strategic phase starting in 2018, which will be presented to the markets on 28 November 2017. We will draw on the strengths of our balanced business model and our culture, based on our values and leadership model, to make the difference when serving our customers and creating lasting value for all of our stakeholders. To ensure we have all the keys to success, we want to implement a new organisational structure and new ways of working that are more customer-focused, more agile, more open to our ecosystem and that maximise employee engagement.

In light of these future evolutions, I am pleased to announce the following appointments, effective as of 1 June 2017 under the current governance structure:

·         Edouard-Malo Henry, who is currently Head of Human Resources, is appointed Head of Compliance – a newly standalone function – reporting directly to Séverin Cabannes. Arnaud Jacquemin, Deputy General Secretary, will continue to manage the transformation of the Compliance function, under the supervision of Edouard-Malo Henry. Alain Bozzi, who is currently Deputy Head of Compliance, will be responsible for Group Internal Control Coordination starting in September, in preparation for Catherine Thery’s retirement.

·         Caroline Guillaumin is appointed Head of Human Resources and will remain Head of Communication. Laetitia Maurel is appointed Deputy Head of Communication.

·         The appointment of Françoise Mercadal-Delasalles, currently Head of Corporate Resources and Innovation, as Deputy Chief Executive Officer of Crédit du Nord will be presented for approval to the Crédit du Nord Board of Directors.

·         Christophe Leblanc, who is currently Chief Operating Officer of Global Banking & Investor Solutions, is appointed Head of Corporate Resources and Innovation.

·         Cécile Bartenieff, who is currently Head of Operations, is appointed Chief Operating Officer of Global Banking & Investor Solutions.

·         Marie-Christine Ducholet, who is currently Head of Equipment Finance businesses, and Philippe Amestoy, who is currently Deputy Chief Executive Officer of Crédit du Nord, will join the Societe Generale French Retail Banking management team and report to Laurent Goutard. They will respectively be responsible for the Clients and Operations & Transformation divisions. Eric Groven, who is currently Deputy Head of Societe Generale Retail Banking in France, will be appointed Head of the Real Estate division.

·         Jochen Jehmlich is appointed Head of the Equipment Finance businesses, and will retain his role as CEO of GEFA Bank.

·         In addition to being Head of Societe Generale Private Banking, Jean-François Mazaud will supervise Lyxor. He will be proposed as Chairman of the Supervisory Board of Lyxor while Lionel Paquin remains CEO of Lyxor. Patrick Folléa will take on an expanded Deputy Head role for SGPB while retaining his existing position as Head of SGPB France.

During this transitional period, Didier Hauguel and Jean-Luc Parer will steer and support the International Banking and Financial Services division until September as it moves to its new organisation. Didier will remain Country Head for Russia and will continue to hold key roles in the governance of the Financial Services and Insurance entities. By the end of 2017, Jean-Luc will take on a role as Advisor to the General Management.

Proposed list of operational units:

https://www.societegenerale.com/en/about-us/governance/group-management-committee

Press Contact:
Laetitia Maurel – +33 1 42 13 88 68 – laetitia.a.maurel@socgen.com

Pascal Henisse – 33 1 57 29 54 08 – pascal.henisse@socgen.com