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Business

New chairman for French Societe Generale

Latest update : 2009-05-07

Frederic Oudea, 46, is the new chief executive of Societe Generale, the French bank rocked by a mammoth trading scandal last year. He was appointed a week after former chairman Daniel Bouton resigned.

AFP - The chief executive of French bank Societe Generale, an institution rocked by a mammoth trading scandal last year, was named Wednesday to replace chairman Daniel Bouton.

Frederic Oudea, 46, was appointed a week after Bouton resigned, citing "repeated personal attacks" that he said risked hurting the bank. Bouton had been in the top post for 10 years.

Oudea, the bank's CEO since April 2008, had been widely expected to take over from Bouton. The bank announced his appointment in a statement.

Societe Generale shocked the financial world in January 2008 when it announced losses of 4.9 billion euros (6.5 billion dollars) that it blamed on unauthorized deals made by 31-year-old trader Jerome Kerviel.

Kerviel is awaiting trial on charges of breach of trust, fabricating documents and illegally accessing computers.

 

Date created : 2009-05-06

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