March 25, 2019 / 6:19 PM / a month ago

SCOR's board backs Kessler after activist CIAM asks he gives up chairmanship

PARIS, March 25 (Reuters) - French reinsurer SCOR on Monday backed its Chief Executive Denis Kessler after activist fund CIAM asked him to give up his chairmanship.

SCOR said the departure of Kessler from the company’s board would mean ending his tenure as CEO.

CIAM on Monday had recommended shareholders to vote to oust Kessler from the board at the next general meeting on April 26, while recommending him to remain as CEO.

The fund questions the way Kessler thwarted an 8.5 billion euro ($9.62 billion) takeover attempt by SCOR’s largest shareholder Covea. (Reporting by Inti Landauro Editing by Bate Felix)

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