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BPCE: after nine years, François Pérol leaves his position as president

François Pérol spent nine years at the head of the French group BPCE. It will undoubtedly remain the emblematic boss since he led the organization since its creation in 2009. But at BPCE, it is likely time to turn the page since François Pérol announced Thursday his resignation. He will be replaced by Laurent Mignon, who currently holds the position of Managing Director at Natixis. The inauguration of the new boss will take effect on June 1, 2018, announced Natixis, listed subsidiary of BPCE investment bank, in a statement. She adds that she has "already initiated a process of succession to Laurent Mignon, which should succeed in the coming days, consolidating the strategic and financial prospects of Natixis in the short and medium term."

François Pérol, Aged 54, will "join the Rothschild Bank," said in its online edition of Friday the newspaper The Echoes . "He will become managing partner of the merchant bank whose management will be provided by Alexandre de Rothschild, who will succeed his father, David de Rothschild, in the coming weeks," the newspaper adds. "Groupe BPCE's Supervisory Board, meeting on April 26, 2018, took note of François Pérol's decision to resign as Chairman of the Executive Board and appointed Laurent Mignon, Chief Executive Officer of Natixis, to succeed him", Natixis

BPCE, the second largest retail bank in France

The departure of François Pérol, whose mandate runs until 2020, puts an end to an era for the mutualist group, born of the Banques populaires and Caisses savings, which has not known any other leader since its founding in 2009 in the wake of the financial crisis. His departure was unexpected, as his term ran until 2020 and he had just printed to his group a new strategic plan, intended to run until this deadline. At the heart of this project, the digital adaptation of the BPCE retail bank, the second in France with some thirty million customers.

François Pérol has also been laundered on appeal last year for illegal taking of interests: these accusations were linked to his direct passage in 2009 of the team of Nicolas Sarkozy, at the time President of the Republic, at the head BPCE. Conclusion of long years of judicial proceedings, this relaxed had cleared his future at the head of the group. In February, BPCE announced a slight drop in revenues in 2017, driven by the low level of interest rates that had been contained by Natixis' excellent performance. In a separate statement, BPCE's supervisory board praised François Perol's outstanding commitment since 2009 to the service of the group, its members and customers and all of its employees.

Who is Laurent? Mignon?

"Under his leadership and authority, BPCE was able to overcome the crisis of 2008-2009 and become today the second banking and insurance group in France and one of the top ten in France. Europe, with a high level of solvency and a solid profitability, "he added. Laurent Mignon, also aged 54, has been Chief Executive Officer of Natixis since May 2009. Within Groupe BPCE, he has been a member of the Executive Committee since 2009 and a member of the Executive Board since 2013. A graduate of HEC in 1986 and of Stanford University (California), he went through the banks Indosuez and Schroders, then AGF (Assurances Générales de France) from 1997, occupying the positions of chief financial officer and then general manager and chairman of the executive committee. "From mid-2007 to 2009, he was managing partner of Oddo & Cie", recalled BPCE.

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