AFP - The chief executive of French investment group Wendel, Jean-Bernard Lafonta, resigned on Wednesday and will be replaced by ex-Areva chairman Frederic Lemoine, Lafonta told AFP.

"I have informed the board of my decision ... to not renew my mandate in May 2009," said Lafonta.

The board has already selected Lemoine, who has tendered his resignation at French nuclear energy group Areva, but his appointment won't be formally made until a board meeting in April, Lafonta added.

Lafonta joined the company in 2001, before its reorganisation in 2002 into Wendel Investissement, but has had difficult relations with several members of the Wendel family which controls the company.

"In the current economic environment it is very important for all the companies (of the Wendel group) to have the unwavering support of the main investor" the Wendel family, he said.

Lafonta said he hopes his resignation will allow "finding the necessary cohesion to implement the group's strategic choices."