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Bloomberg: Veolia could oust CEO

  • Veolia Environnement (VE) CEO Antoine Frerot is facing a battle for survival, with Bloomberg reporting that the company's board could decide whether to keep or fire him at a meeting on Wednesday.
  • David Azema, who runs the agency that manages state holdings in firms, has been approached about succeeding Frerot.
  • Veolia's second-largest shareholder, Groupe Industriel Marcel Dassault, wants to remove Frerot; Veolia's biggest stockholder is the French state.
  • Frerot has already survived one challenge to his position, in February 2012.
Comments (7)
  • priced
    , contributor
    Comments (14) | Send Message
     
    Any idea why they want to remove him?
    23 Feb, 06:21 AM Reply Like
  • Dr. Duru
    , contributor
    Comments (1345) | Send Message
     
    The Bloomberg article is not clear and people are not supposed to be talking about it - so very possible this is mainly a political battle.
    23 Feb, 04:51 PM Reply Like
  • wdjax0n
    , contributor
    Comments (1340) | Send Message
     
    Surely not because VE seemed to be setting the Enron Accounting Standards of France just a while ago, causing serious transit crashes, etc.
    23 Feb, 08:09 PM Reply Like
  • Dr. Duru
    , contributor
    Comments (1345) | Send Message
     
    I missed that news being in the U.S. Can you serve up a good link for more info on that?
    24 Feb, 02:30 PM Reply Like
  • priced
    , contributor
    Comments (14) | Send Message
     
    That's old news; recently the company has been doing a great job of reducing debt so all things point towards a positive future.... hardly the time to be booting out the CEO
    24 Feb, 11:08 PM Reply Like
  • MrKurtz
    , contributor
    Comments (31) | Send Message
     
    I was surprised to learn of this development as well. Frerot seems to have done well thus far. I searched French Google News about the topic and this is the most recent article: http://bit.ly/1k9ZGaK

     

    It seems that two board members will give their support to Frerot, so he does have some backing from the board. Additionally, there is a rumor that David Azema, who currently is in charge of the French government agency that is also Veolia's biggest shareholder, was offered Frerot's job. Obviously this would be a conflict of interests, though Azema denied being offered the job.

     

    Personally, I hope Frerot stays. I don't know too much about him, but he seems to be doing a good job guiding the company forward...and this attempt to ouster him seems sketchy

     

    Long VE
    25 Feb, 11:04 AM Reply Like
  • priced
    , contributor
    Comments (14) | Send Message
     
    I concur!

     

    Long VE; should have bought more a while back :-/
    25 Feb, 06:24 PM Reply Like
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