Vallourec: Philippe Guillemot is replacing Edouard Guinotte as Chairman and Chief Executive Officer of Vallourec to accelerate the Company’s transformation and growth trajectory
21 Mars 2022 - 8:00AM
Philippe Guillemot is
replacing Edouard
Guinotte as Chairman and
Chief Executive Officer of Vallourec
to accelerate the Company’s transformation and growth
trajectory
Meudon
(France), March 21st, 2022 –
Further to the completion of an external selection process by a
special committee of the Board of Directors, the Appointments and
Governance Committee has decided to select
Mr. Philippe Guillemot for the purpose of succeeding to
Mr. Edouard Guinotte as Chairman and Chief Executive Officer of
Vallourec. Vallourec’s Board of Directors met on March 20th, 2022
and appointed Philippe Guillemot for a four-year term,
effective immediately.
Philippe Guillemot was until recently Chief
Executive Officer of Elior Group. Prior to this, he had been Chief
Operating Officer at Alcatel-Lucent and Chief Executive Officer and
Board Member at Europcar.
Philippe Guillemot will be responsible for
accelerating the execution of the Company’s comprehensive strategic
plan to focus on “value over volume” and dramatically lower the
break-even point of the company by a relentless focus on cost
reduction, operational efficiency as well as new commercial
practices to allow the company to pursue profitable growth. Once
this process is completed by the end of 2023, Vallourec will have
been transformed and will be better equipped to manage through a
full business cycle evolution.
The nomination of Philippe Guillemot as a Member
of the Board of Directors will be put forward for approval during
the upcoming Annual General Meeting of the shareholders.
Information relating to the conditions of the
termination of the functions of Edouard Guinotte and the proposed
remuneration of Philippe Guillemot will be made public in
accordance with applicable regulation and the recommendations of
the corporate governance code AFEP-MEDEF.
Pierre Vareille, Vice-Chairman of the Board of
Directors and Lead Independent Director said: “The Board has
carried out this selection process in accordance with best
practices in the governance field. Philippe Guillemot has all the
qualities required to lead the Vallourec group in the execution of
the Company’s transformation. We are extremely excited to have
Philippe Guillemot join Vallourec. His extensive experience in
leading numerous industrial companies and his strong ability to
deliver value-creating strategic actions will be instrumental in
executing on the next chapter in Vallourec’s distinguished
history.”
He added: “The Board of Directors warmly thanks
Edouard Guinotte for his commitment and selfless dedication to
Vallourec for more than two decades. Edouard Guinotte became
Chairman of the Management Board in March 2020 and then
Chairman and CEO as from July 1st, 2021 during an extremely
challenging period for the industry and the Company. Through this
difficult period and then through a very successful and
comprehensive balance sheet restructuring in June of 2021, he led
the Company with the highest degree of professionalism, personal
commitment and determination. All stakeholders owe him a debt of
gratitude for his service and leadership of the Company. We wish
him well and we have no doubt he will achieve continued success in
his future endeavors.
Philippe Guillemot, new Chairman and CEO of
Vallourec, declared: "I am honored and proud to serve as Chairman
and CEO of Vallourec, an iconic global industrial company, which
has a very distinguished engineering culture, to accelerate and
extend its transformation and serve the renewed needs of our
current and future customers in all our geographies. With the
confidence of the Board of Directors and alongside the Vallourec
management team, I will be committed to the acceleration of the
Company’s transformation which will generate significant near-term
improvements to profitability and cash flow. Meanwhile, I will
increase Vallourec’s focus and commitments to energy transition
opportunities and on identifying and executing on new profitable
growth opportunities.”
Philippe Guillemot
biography
Between 2017 and 2022, Philippe Guillemot was
CEO at Elior Group, one of the world’s leading operators in
contract catering and support services with strong positions in 5
countries. He carried out in-depth work to put the Group on a sound
financial footing, to provide it with a value-creating strategy and
to build a robust organization, which proved decisive in the face
of the context made extremely difficult by the Covid crisis.
From 2013 to 2016, he was Chief Operating
Officer at Alcatel-Lucent, where he drew up a business recovery and
transformation plan and subsequently oversaw Alcatel-Lucent’s
integration into Nokia. Prior to this, he was CEO and a Board
member of Europcar from 2010 through 2012; he served as Chairman
and CEO of Areva Transmission and Distribution (T&D) from 2004
through 2010; he was a member of the Executive Committees at the
automotive suppliers Faurecia (recently renamed Forvia, 2001-2003)
and Valeo (1998-2000); he held various positions at Michelin
(1983-1989 and 1993-1998) and became member of the Executive
Committee in 1996.
Aged 62, he holds an MBA from Harvard Business
School and is a graduate of the French engineering school, École
des Mines de Nancy. He is also a knight of the French National
Order of Merit.
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 17,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF
120 and Next 150 indices and is eligible for Deferred Settlement
Service.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R4074, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
Calendar
May
18th
2022May
24th 2022 |
Release of first quarter 2022 resultsShareholders’ Annual
Meeting |
For further information, please
contact:
Investor
relations Jérôme FribouletTel : +33 (0)1 49 09 39
77Investor.relations@vallourec.com |
Press
relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77
50 heloise.rothenbuhler@vallourec.com |
Individual
shareholdersToll Free Number (from France): 0 800 505 110
actionnaires@vallourec.com |
|
- 2022 03 21 Vallourec-press-release
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