March 25, 2019 / 12:57 PM / 5 months ago

Activist Fund CIAM to ask Scor CEO Kessler to give up chairmanship

PARIS, March 25 (Reuters) - French activist fund CIAM will ask Scor’s CEO Denis Kessler, who has run the company since 2002, to surrender the chairmanship of the company’s board after he thwarted a takeover attempt earlier this year.

CIAM, which holds a little less than 1 percent in Scor, will ask the reinsurer’s shareholders to oust Kessler from the board at the next general meeting on April 26. The fund does, however, want Kessler to remain as CEO, it said in a statement.

CIAM will also ask shareholders to oppose Kessler’s pay package and oppose the renewal of board member Augustin de Romanet.

Earlier this year, Kessler successfully opposed a takeover attempt by unlisted insurer Covea, which had offered a 20 percent premium over Scor’s share price.

Scor’s shares have lost more than 10 percent since Covea gave up on its plan in late January.

A spokeswoman for Scor did not respond to an email seeking comment. (Reporting by Inti Landauro; Editing by Luke Baker)

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