At its meeting of 16 September, the Board of Eutelsat Communications (Euronext Paris: ETL) was informed by its Chairman, Jean-Martin Folz, that he would not seek to renew his mandate, which expires at the General Assembly of Shareholders of 7 November 2013, in order to respect corporate governance recommendations on multiple directorships by the Afep-Medef. To enable the Board to immediately appoint a successor and to avoid uncertainty during a period of transition, Jean-Martin Folz has resigned as Chairman. He will remain a Board member until the General Assembly.
Noting that the recent developments of Eutelsat and the reorganisation of shareholders no longer justifies the separation of the roles of Chairman and CEO, the Board decided to merge the two functions, reverting to the practice in place from 2004 to 2009.
The Board subsequently unanimously decided to appoint Michel de Rosen, who has been CEO since 2009, as Chairman and CEO.
Michel de Rosen expressed the Board’s appreciation of Jean-Martin Folz's Chairmanship over the last two years and of his extensive international and industrial experience that has played a key role in the strategic directions pursued by the Group.