The Board of Directors of Valeo elects Jacques Aschenbroich as Chairman of the Board of Directors
Paris, February 18, 2016 – The Board of Directors of Valeo elects Jacques Aschenbroich as Chairman of the Board of Directors and Chief Executive Officer and appoints a lead director.
Pascal Colombani, Chairman of the Board of Directors, has reached the age limit set out in the articles of association of Valeo and has indicated to the Board of Directors that it would be the appropriate time for him to step down from his position, in view of a change of governance. Pascal Colombani will continue to act as a director of Valeo.
At a meeting held on February 18, 2016, the Board of Directors unanimously decided to elect Jacques Aschenbroich, Chief Executive Officer and director since March 20, 2009, as Chairman of the Board of Directors. Jacques Aschenbroich will thus become Chairman of the Board of Directors and Chief Executive Officer.
The Board of Directors also unanimously decided to appoint Georges Pauget as lead director with the broadest powers to carry out his duties. Georges Pauget is an independent director, the Chairman of the Appointment, Compensation and Governance Committee and a member of the Strategy Committee.
Lastly, Pascal Colombani, who has also been appointed as Honorary Chairman of Valeo, will assist the Chairman of the Board of Directors and Chief Executive Officer and the lead director until May 26, 2016, date of the next general shareholders meeting, to manage the governance transition and to prepare for this meeting.
All of these decisions take effect on February 18, 2016.
Following the Board of Directors meeting, Pascal Colombani declared: “I look at the work accomplished since 2009 with pride: Valeo has become a reference in terms of corporate governance, and the strategy defined by Jacques, based on technological innovation and global deployment, led to exceptional growth, outstanding results and integration into the CAC 40 stock index, all this being reflected in the increase of the share price and the level of dividends paid to shareholders. I am confident in the future of Valeo with its new governance configuration.”
Further to his appointment as Chairman of the Board of Directors and Chief Executive Officer, Jacques Aschenbroich declared: “I would like to sincerely thank Pascal, in the name of the 82,800 Valeo employees. His experience and interest for technological breakthroughs and international development have been infallible support to transform Valeo into a technological company with a global reach and to create a world leader in the fields of CO? emissions reduction and intuitive driving.”
Valeo is an automotive supplier, partner to all automakers worldwide. As a technology company, Valeo proposes innovative products and systems that contribute to the reduction of CO? emissions and to the development of intuitive driving.
In 2014, the Group generated sales of 12.7 billion euros and invested over 10% of its original equipment sales in research and development. Valeo has 133 plants, 16 research centers, 34 development centers, 15 distribution platforms and employs 78,500 people in 29 countries worldwide.
Valeo is listed on the Paris Stock Exchange and is a member of the CAC 40 index.
For more information about the Valeo Group and its activities, please visit our website www.valeo.com
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