SocGen reshuffles management as Q3 numbers beat forecasts

31st Oct 2024 09:58

(Sharecast News) - French lender Societe Generale posted better-than-expected quarterly profits on Thursday, as it unveiled a shake-up of senior management.

Chief executive Slawomir Krupa will now supervise the lender's underperforming French retail operations directly, replacing current head and deputy chief executive Philippe Aymerich.

Chief financial officer Claire Dumas will also step down, to be replaced by Leopoldo Alvear, who joins from Spanish rival Banco Sabadell.

The retail banking network in France, meanwhile, will be overseen by Bertrand Cozzarolo and Thierry Le Marre, with former head Marie-Christine Ducholet leaving the group.

The shake-up, Krupa's second since he was appointed 18 months ago, came as SocGen posted a 10.5% jump in third-quarter revenues, to €6.84bn, around €200m more than forecast.

SocGen said the hike had been driven by a "strong rebound" in net interest income in France alongside "another solid performance" in global banking and investor solutions.

Net income was €1.37bn, comfortably ahead of forecasts for €1.22bn.

As at 0945 GMT, shares in SocGen were up 7%.

Krupa said: "We are publishing solid quarterly results that continue to show strong improvement.

"It demonstrates that we are executing our strategic plan, which is impacting our results in a positive and tangible way.

"Our goal remains unchanged: a sustainable performance that will create long-term value."

Addressing the management reshuffle, he added: "Over the past 18 months, we have initiated numerous transformation, development and efficiency initiatives to strengthen our group and increase the sustainability of our performance."

While Aymerich and Ducholet are stepping down immediately, Dumas - who has been with SocGen for two decades - will continue working for the lender until January 2025.