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Total could name new CEO tomorrow, split chairman's role

Oct. 21, 2014 6:52 PM ETTotalEnergies SE (TTE) StockTTEBy: Carl Surran, SA News Editor
  • Total (NYSE:TOT) will convene an emergency board meeting Wednesday morning to select a new CEO, and likely will separate the roles of chairman and CEO, WSJ reports, following the death of Christophe de Margerie.
  • The top contenders for CEO are said to be Patrick Pouyanné, the head of TOT’s refining and chemicals division, and Philippe Boisseau, who runs marketing and new energy operations.
  • Director Thierry Desmarest, who was chairman until 2010, reportedly will be asked to resume that post, but would ake the position on an interim basis because in Dec. 2015 he will turn 70, the company’s age limit.
  • TOT does not lack strong managers, but replacing de Margerie's larger than life personality and extensive contact book is another matter: "This fabric of international relationships he has is fundamental. There are perhaps seven or eight bosses in the world who have that. His potential successors are not ready," according to a close adviser.

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