Eurazeo SE has nominated a new executive board that will be led by two chairmen, Christophe Baviere and William Kadouch-Chassaing, after some of the firm’s major shareholders succeeded in their effort to oust Virginie Morgon.
(Bloomberg) — Eurazeo SE has nominated a new executive board that will be led by two chairmen, Christophe Baviere and William Kadouch-Chassaing, after some of the firm’s major shareholders succeeded in their effort to oust Virginie Morgon.
The chairman of the board and chief executive officer positions will be rotated annually, with the first chairman being Bavière and Kadouch-Chassaing serving as CEO. Baviere was senior managing partner while Kadouch-Chassaing was general manager in charge of finance and strategy.
The supervisory board of the Paris-based buyout firm also nominated Sophie Flak and Olivier Millet to its executive board, according to a statement released after a meeting Sunday.
The company said it and Morgon jointly decided that she will no longer be CEO. Nicolas Huet, Eurazeo’s general secretary, and Marc Frappier, head of the mid-large buyout investment decision, will also leave after the end of April.
“The Board has sought to instill a new dynamic to accelerate the development of Eurazeo’s activities and to deploy a high-performance strategy creating value for the benefit of all its stakeholders,” Jean-Charles Decaux, president of the supervisory board, said in the statement.
Eurazeo, which has a market value of about €5.2 billion ($5.6 billion), has been going through a power struggle triggered by the death of its founder Michel David-Weill last June. Some major shareholders have been pushing for the removal of Morgon, while others have been defending her.
Morgon is one of the most senior women in European private equity. The former Lazard Ltd. investment banker joined Eurazeo in 2008 and became CEO in 2018. The firm’s assets under management have since expanded from €16.8 billion at the end of that year to more than €32 billion currently.
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