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French energy group Engie ousts CEO Isabelle Kocher

7 February 2020
Electricity
Energynomics

French energy group Engie said on Thursday its board decided on Thursday not to renew the mandate of chief executive Isabelle Kocher and to put in place an interim management team as it hunts for a new boss to accelerate its transformation.

Sources had told Reuters that representatives of the French state on the utility’s board had decided to vote to oust Kocher.

Engie needed to clarify its strategic options and boost its business model in renewable energies and client solutions, the group said in a statement.

Kocher’s ouster at the helm of France’s former gas monopoly follows months of boardroom infighting that has transfixed French business and political circles. Kocher is France’s only female boss of a blue-chip company, but has also faced criticism of her record as CEO, including her decisions to sell off some gas and coal assets, which led to internal disagreements.

“Following a decision-making process based on a detailed assessment of her tenure, the board of directors concluded that the further development of the group’s strategy required a new leadership,” the statement said.

Autor: Energynomics

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