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SocGen chief quits after "attacks"
29.04.09
The chairman of Société Générale quit today after “repeated attacks” against him since it emerged rogue trader Jerome Kerviel cost the bank €4.9 billion last year.
Daniel Bouton, who will step down on 6 May, said: “The repeated attacks against me in France for the past 15 months affect me, but most of all, they risk harming the bank and its 163,000 employees.
“In the present financial and economic storm, priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company.”
Bouton stepped down as chief executive last year but the board refused his offer to resign as chairman. French President Nicolas Sarkozy criticised Bouton over the Kerviel affair, and Sarkozy's administration attacked the bank last month over executive pay packages.
In March, SocGen's top managers decided to give up stock options following public criticism over the fact that money received from the French state to help it through the crisis could be used to remunerate executives. A new chairman is likely to be named within a week.
