September 26, 2014 / 8:27 PM / 5 years ago

BNP Paribas board chooses Jean Lemierre as new chairman

PARIS, Sept 26 (Reuters) - BNP Paribas said on Friday its board had proposed Jean Lemierre, a former head of Europe’s reconstruction bank, as the new chairman of France’s biggest lender.

“During its meeting today, the board of directors of BNP Paribas acknowledged Baudouin Prot’s decision to step down as chairman and director as of Dec. 1, 2014,” BNP said in a statement, adding that the board would meet again at that date to formally appoint Lemierre.

Reuters reported earlier this week that Baudouin Prot, who had shaped BNP’s strategy for more than a decade, had quit and that Lemierre was set to replace him.

Lemierre, 64, was the bank’s key negotiator in the record $8.9 billion fine it paid this year for violating U.S. sanctions on Sudan, Libya and Cuba between 2002 and 2012.

BNP Paribas separated the functions of chairman and chief executive a decade ago. The bank’s chief executive is Jean-Laurent Bonnafe. (Reporting by Natalie Huet; Editing by James Regan)

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