* Delpit, 46, to join the bank from August 29
* Current CFO Bertrand Badre leaves company
* Share ends down 2.8pct, underperform a weak bank sector
(Adds comment, background)
PARIS, July 5 French bank Credit Agricole
said it had appointed Bernard Delpit as group finance
director, replacing Bertrand Badre.
Delpit, 46, will be joining Credit Agricole as of August 29
and will report to Michel Mathieu, deputy chief executive in
charge of central functions, insurance and asset management, the
bank said in a statement on Tuesday.
Delpit currently serves as finance head of French postal
service La Poste and previously worked at carmaker PSA Peugeot
Citroen . He began his career in 1990 at the French
Credit Agricole said Badre, 43, would pursue other interests
outside of the group but gave no further details.
The bank unveiled a new strategic plan in March in which it
said it was targeting revenue of over 25 billion euros ($36.20
billion) and net profit of 6 to 7 billion by 2014 as it shifts
its focus back from investment banking onto its retail business.
"There is a willingness to move on after four years of
crisis," a source close to the bank said about Badre's
Shares in Credit Agricole closed down 2.86 percent on
Tuesday, underperforming the CAC 40 index, which was down 0.6
percent, and underperforming a generally weaker banking sector,
which fell a median 1.7 percent.
"Badre, who stood in the front line of the bank's financial
communication for several difficult years, was liked by the
markets," Kepler Capital Markets analyst Pierre Flabee said,
adding that Badre's departure could partly explain Credit
Agricole stock's weakness today.
The stock is up 8.8 percent so far this year while the STOXX
Europe 600 Banks index is down 3.4 percent.
(Reporting by Matthias Blamont and Matthieu Protard. Additional
reporting by Juliette Rouillon. Editing by Jane Merriman)