(Adds further detail, background)
PARIS, March 17 French bank Societe Generale
(SOGN.PA), hit by huge trading losses earlier this year, has
promoted Chief Financial Officer Frederic Oudea to the post of
deputy chief executive.
"On the proposal of Daniel Bouton, chairman and chief
executive officer, the board of directors of Societe Generale
Group which met on 14 March 2008 named Frederic Oudea deputy
chief executive officer of the group, alongside Philippe Citerne
and Didier Alix," SocGen said in a statement on Monday.
Oudea now sits above Jean-Pierre Mustier, the head of
SocGen's investment-banking arm whose reputation suffered from
the trading debacle.
In January, SocGen unveiled 4.9 billion euros of losses
which it said were caused by rogue deals carried out by Jerome
Kerviel, a junior trader at the bank.
Bouton offered his resignation over the episode but the
board refused it and Bouton said he had a clear mandate to
continue in his position and run SocGen as an independent
Mustier also offered to resign following the trading losses
but SocGen's board asked him to stay on.
The losses have made SocGen vulnerable to a bid, and
France's biggest listed bank BNP Paribas (BNPP.PA) has said it
was looking at its cross-town rival. BNP Paribas narrowly failed
to buy SocGen in 1999.
Oudea was born in 1963 and attended France's top-flight
universities Ecole Polytechnique and Ecole Nationale
d'Administration. From 1987 to 1995 he held various positions in
the French economy ministry.
Oudea joined SocGen in 1995 and became chief financial
officer in 2003.
(Reporting by Sudip Kar-Gupta; Editing by Quentin Bryar)