Societe Generale picks ex-ECB exec as board chairman
Paris (AFP) - French bank Societe Generale said Monday it had reformed its governance, appointing former ECB board member Lorenzo Bini Smaghi as chairman of the board, leaving Frederic Oudea as chief executive officer.
"This change in corporate governance, prepared in 2014, meets the requirements applicable to banks in Europe," the bank said in a statement.
Oudea had held both roles since 2009.
The changes "...will allow Societe Generale to continue implementing its strategy and its transformation" in an "...increasingly demanding economic, competitive and regulatory environment" as Europe implements banking union.
Smaghi, a French-speaking Italian national, served on the European Central Bank's executive board from 2005 to 2011.
After receiving an economics degrees at the Catholic University of Louvain in Belgium and the University of Chicago, Smaghi began his career as an economist at the Bank of Italy, and has also worked for the Italian economy and finance ministry.
