(Recasts, add share price move)
PARIS, March 19 (Reuters) - The chief executive of French cablemaker Nexans said on Monday his departure from the company was not due to any conflict with the board and he would work for a smooth transition, helping shares pare back earlier losses.
Citing personal reasons for his departure, Arnaud Poupart-Lafarge said he would stay in the post until September and that the company’s “Pace for Growth” strategy plan remained in place.
Nexans’ share price, down almost 6 percent at one stage in the morning, recouped some of those losses after his comments. Stocks were down 3.25 percent at 42.88 euros at 1245 GMT.
“I want to make clear what this is not: first, it is not quitting for another job ... and second this is certainly not a conflict. I am working in full harmony with my board,” Poupart-Lafarge said, addressing a conference call in English.
Nexans will look internally and externally for a new chief executive, though Poupart-Lafarge’s deputy, Pascal Portevin, said he would not apply.
“I am not a candidate for this next CEO job. My main mission is to make sure we don’t waste any time in implementing our strategy plan which is well defined and well understood by our operational people,” Portevin told an analysts call.
Nexans provides copper and fibre-optic cables and cabling systems to the energy infrastructure, industry, building and Local Area Network (LAN) markets. (Reporting by Richard Lough; Editing by Brian Love and Robin Pomeroy)
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