SG’s chairman Bouton resigns

Daniel Bouton, the chairman of Société Générale, has said he will step down on May 6, when the bank’s board will elect a replacement for him.

After the revelation of the €4.9 billion rogue-trading loss at Société Générale in January 2008, Bouton – who was chairman and chief executive of the bank at the time – offered his resignation. However, the bank’s board refused it. In April last year the chairman and chief executive roles were split, with Bouton becoming chairman and Frédéric Oudéa being promoted from deputy chief executive to chief executive. In his statement about his departure, Bouton said public criticism was a factor influencing his resignation.

“Today, the transition initiated a year ago with the appointment of Frédéric Oudéa as chief executive comes to an end. The repeated attacks against me personally in France for the past 15 months affect me, but most of all, they risk harming the bank and its 163,000 employees. In the present financial and economic storm, priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company,” said Bouton.

Société Générale could not comment as to who will be the next chairman. Bouton has not announced details about any positions he will take up following his departure, but said that he wants "to continue serving the economy of France".

See also: Bouton steps down as SG chief executive
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