Finance

French finance minister: nomination of recent boss for power group EDF is imminent

A flag with the corporate brand of Electricite de France (EDF) and a French flag fly subsequent to the EDF energy plant in Bouchain, close to Valenciennes, France, September 29, 2021. REUTERS/Pascal Rossignol

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  • Schneider govt Luc Remont tipped for CEO publish
  • Orano’s Claude Imauven might get chairman place
  • Le Maire hints at potential separate chairman/CEO roles

PARIS, Sept 27 (Reuters) – French Finance Minister Bruno Le Maire stated the federal government had chosen the one who would lead state-power group EDF (EDF.PA), which is within the technique of being totally nationalised, and {that a} nomination was “imminent”.

EDF has been beset by issues this yr and issued a revenue warning earlier this month. An unprecedented variety of reactor outages, partly brought on by corrosion points, has pushed French nuclear energy output to an historic low simply as Europe scrambles to search out various provides to Russian gasoline.

Le Maire additionally advised France Inter radio that the highest EDF job might be break up into separate chief govt and chairman roles.

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“Our doctrine…has all the time been to separate the chairman function from the chief govt function. I don’t see why this is able to not be the case for EDF,” he stated.

The French state is planning to purchase out the remaining 16% of EDF which it doesn’t already personal to be able to totally nationalise EDF. EDF’s long-time chairman and CEO, Jean-Bernard Levy, can be due to get replaced.

Luc Remont, an govt at Schneider Electrical (SCHN.PA), is predicted to get the CEO job, sources have stated.

Les Echos newspaper on Monday tipped Claude Imauven, chairman of nuclear gasoline group Orano, for the chairman publish.

A supply inside EDF stated Imauven’s background and coaching, together with educations at France’s high flight Ecole Polytechnique and Ecole des Mines institutions, have been a bonus.

Laurence Parisot, presently chairwoman of Citi in France, can be talked about by sources as a frontrunner for the function.

EDF and Schneider Electrical have declined to touch upon the state of affairs concerning the hunt for a brand new head at EDF. Officers at Orano couldn’t be instantly reached for remark.

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Reporting by Dominique Vidalon, Elizabeth Pineau and Leigh Thomas;
Modifying by Silvia Aloisi and Ed Osmond

Our Requirements: The Thomson Reuters Belief Rules.

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