Societe Generale has announced significant changes in its management structure. The board, led by Lorenzo Bini Smaghi, approved a proposal from CEO Slawomir Krupa to reduce the number of General Management executive officers to two: Krupa himself and Pierre Palmieri as Deputy Chief Executive Officer.
Philippe Aymerich will step down from his role as Deputy Chief Executive Officer on October 31, 2024. Krupa will take direct oversight of Retail Banking activities in France, Private Banking, and Insurance.
In the Retail Banking sector, Bertrand Cozzarolo and Thierry Le Marre have been appointed Co-Heads of the SG Retail Banking network in France starting November 1, 2024. They succeed Marie-Christine Ducholet, who is leaving Societe Generale for other projects.
Mathieu Vedrenne will assume the role of Head of Private Banking activities on November 1, replacing Bertrand Cozzarolo. Vedrenne has been with Societe Generale since 2001 and currently serves as Deputy Head of Private Banking.
Leopoldo Alvear is set to become the new Chief Financial Officer effective January 7, 2025. Alvear brings over 27 years of experience in banking and financial services. He succeeds Claire Dumas who will ensure a smooth transition before pursuing opportunities outside Societe Generale.
CEO Slawomir Krupa stated: "Over the past 18 months, we have initiated numerous transformation, development and efficiency initiatives to strengthen our Group and increase the sustainability of our performance. We are already realizing the tangible benefits in our results."
Krupa expressed gratitude towards Philippe Aymerich and Marie-Christine Ducholet for their contributions over many years and welcomed Leopoldo Alvear to his new position starting January next year.
"His experience as a chief financial officer of other banking institutions," Krupa noted about Alvear's appointment, "will be valuable assets in ensuring the flawless execution of our strategic plan."
Press contact for further information is Jean-Baptiste Froville at +33 1 58 98 68 00 or via email at jean-baptiste.froville@socgen.com.