Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Fans and players react online to Arsene Wegner's club departure

Read more

THE WORLD THIS WEEK

Syria alleged chemical attack: Gunfire delays deployment of weapons inspectors

Read more

FRANCE IN FOCUS

Cashing in on local French currencies

Read more

YOU ARE HERE

Life on the canals of northern France

Read more

INSIDE THE AMERICAS

What lies ahead for Cuba after the Castros?

Read more

#TECH 24

Discovering and harnessing the power of the sun

Read more

DOWN TO EARTH

Can France bid 'adieu' to popular weedkiller glyphosate?

Read more

#THE 51%

Harmful for your health: When gender bias affects medical diagnosis

Read more

REPORTERS

Africa’s donkeys slaughtered for Chinese ‘miracle elixir’

Read more

Société Générale CEO Bouton to quit in May

Latest update : 2008-04-17

Société Générale, the French bank hit by a massive rogue trading scandal, said CEO Daniel Bouton would step down, to be replaced by Frederic Oudea. Bouton, however, will retain his position as the bank's chairman.

French bank Societe Generale, hit by a massive rogue trading scandal four months ago, said Thursday that Daniel Bouton would be replaced as chief executive but would retain his position as chairman.
  
A bank statement said the functions of chief executive officer and chairman would be dissociated as of May 12, with Frederic Oudea becoming the new CEO.
  
It said that "the board of directors, on Daniel Bouton's proposal, has decided to proceed with the dissociation of the functions of chairman and chief executive officer ... during its meeting May 12."
  
Bouton, who currently holds both positions, on two occasions offered to resign from the board following revelations in January that the bank had suffered a loss of 4.9 billion euros (7.7 billion euros) in unauthorised deals it blamed on a 31-year-old trader, Jerome Kerviel.
  
Kerviel has maintained he acted alone but suggested his bosses knew he was dealing with huge sums of money and turned a blind eye as long as he was making a profit.
  
An internal bank inquiry found that Kerviel's unauthorised trading had not been detected because of his sophisticated techniques, but it also pointed the finger at internal audit and risk control failures.
  
Kerviel turned himself in to police on January 26, two days after the bank revealed the losses, and on January 28 was charged with breach of trust, fabricating documents and illegally accessing computers.

Date created : 2008-04-17

COMMENT(S)