At the head of the investment company listed on the Paris Stock Exchange since 2018, it will be replaced by two presidents. In 2021, the group had announced a “record” net profit of 1.57 billion euros.
mo12345lemonde with AFP
Urazeo’s upheaval at the head of Eurazeo: a supervisory board ratified the replacement of the chairman of the boarding company of the investment company, Virginie Morgon, following dissensions with the main shareholder, the Decaux family, who wished his departure.
“The Supervisory Board and Virginie Morgon jointly decided that it was ended as president and member of the Eurazeo Management Board,” the group said in a statement released on Sunday, February 5 in Monday February 6 at the end of several hours of meeting.
After having made his weapons in Lazard bank, this rare female figure of French finance, aged 53, entered the Eurazeo board in 2008, before taking the presidency of the group listed in 2018 in 2018 The Paris Stock Exchange, by succeeding Patrick Sayer.
It will be replaced by two presidents, Christophe Bavaria, founder of the investment company Idinvest Partners bought by Eurazeo, and William Kadouch-Chassaing, former financial director of Société Générale.
of 7 billion from euros to 32.4 billion euros in assets
They take the lead of a new board, unanimously appointed by the supervisory board, while two of the relatives of Virginie Morgon, Nicolas Huet and Marc Froppier, will also leave the body after April.
“With the implementation of a new board, college and tightened, (…) The Council wished to instill a new dynamic to accelerate the development of Eurazeo activities and deploy a high -performance and value creative strategy”, said Jean-Charles Decaux, President of the Council, in the press release.
The supervisory board had been summoned on Sunday to make a decision on the maintenance or not of Virginie Morgon following an extraordinary meeting between shareholders, which had been held for eight hours on Friday, on the initiative of the Decaux family.
Under its leadership, the group has transformed into an international investment company present in more than ten countries and whose assets under management increased from 7 billion euros to 32.4 billion euros, notably thanks Management on account of third parties.
“Successful transformation of the group”
A stock market performance deemed insufficient, a monopolization of power and remuneration deemed excessive would also have played against Virginie Morgon, according to the newspaper Les Echos.
“I leave my duties after fourteen years in the management of Eurazeo with the immense pride of the successful transformation of the group, become one of the big ones Private investment leaders in Europe, “said Virginie Morgon.
The Decaux family holds 18 % of the capital and 25 % of Eurazeo’s voting rights. The David-Weill family has around 10 % of the capital, alongside Guyot and Solages families, founders of Lazard Bank and which hold around 15.5 % of the titles.
Jean-Charles Decaux, Chairman of the Management Board and Co-Coistur Executive Officer of the French Giant of the JCDecaux advertising display, had taken the presidency of the supervisory board shortly before the death, in June 2022, of the founder of Eurazeo and former leader of Lazard, Michel David-Weill.
Eurazeo action has increased by more than 12 % since the start of the year after falling by 21 % in 2022, a catastrophic year for the markets. In 2021, the investment company announced a “record” net profit of 1.57 billion euros, after a year 2020 marked by losses linked to the pandemic.