The Management Board of MANUTAN INTERNATIONAL, having consulted the Group’s corporate bodies, will propose a change in its form of governance to the next Annual General Meeting, to be held on 30 November 2011.
This change would lead to the replacement of the current dual structure, comprising a Supervisory Board and a Management Board, by a structure with a single Board of Directors.
Following this General Meeting, and subject to its adoption of the new governance structure, it will be proposed to the Board of Directors to separate the duties of Chairman of the Board of Directors and Chief Executive Officer.
The current Chairman of the Management Board, Jean-Pierre Guichard, would therefore be appointed Chairman of the Board of Directors, with his sons, Hervé and Xavier Guichard, assuming the duties of Chief Executive Officer on an alternate basis.
Brigitte Auffret and Pierre-Olivier Brial, both current members of the Management Board, would be appointed Deputy Chief Executive Officers.
This proposed change of governance is intended to increase the efficiency of the top management’s decision-making process, at the same time as allowing Jean-Pierre Guichard to participate in setting the Group’s major strategic guidelines.