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UPDATE 1-SocGen promotes CFO Oudea to post of deputy CEO
April 4, 2008 / 1:04 AM / 10 years ago

UPDATE 1-SocGen promotes CFO Oudea to post of deputy CEO

(Adds further detail, background)

PARIS, March 17 (Reuters) - 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 entity.

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)

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