February 21, 2018 / 6:15 PM / a month ago

UPDATE 1-Veolia board proposes third four-year term for CEO Frerot

(Adds details, share performance)

PARIS, Feb 21 (Reuters) - French water and waste group Veolia’s board has decided to propose giving a third four-term term to chief executive officer and board chairman Antoine Frerot, Veolia said in a statement.

Shareholders will vote on the proposal at the annual shareholders meeting on April 19.

Frerot, 59, survived two boardroom coups in his first two terms and is refocusing Veolia to earn more of its revenue from industrial customers and less from cash-strapped municipalities.

After joining Veolia in 1990, Frerot was appointed head of Veolia’s transport unit in 2000 and head of its key French water unit in 2003. In 2009, he was appointed CEO and a year later he also became chairman of the board.

Veolia shares have never recovered from the 2008 financial crisis and fell from highs around 65 euros in 2007 to a low of 7.3 euros in 2012. Since then they have recovered to about 22 euros early this year and closed at 19.55 euros on Wednesday.

ThomsonReuters data shows that with the Veolia share price rebased at 100 at the start of Frerot’s term at end-2009, they are now worth 84.5. That is slightly better than sector peer Suez, whose shares now stand at 77.6 and better than the Stoxx Europe Utilities index which stands at 67.5. (Reporting by Geert De Clercq, editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below