Following the settlement of the tender offer initiated by Safran and targeting the shares of Zodiac Aerospace, Zodiac Aerospace’s governance was reshuffled today.
This exercise has been undertaken to reflect the company’s new shareholding structure, in accordance with the provisions of the business combination agreement signed by Safran and Zodiac Aerospace on May 24, 20171.
Reshuffle of the Supervisory Board and of the Audit Committee
During a meeting held today, Zodiac Aerospace’s Supervisory Board was reshuffled as follows:
- Estelle Brachlianoff, Gilberte Lombard, Patrick Daher, FFP Invest, Fonds Stratégique de Participations and FIDOMA tendered their resignation from the Supervisory Board;
- Bernard Delpit, Coralie Bouscasse, Véronique Aubert, Sandrine Holler and Jean-Jacques Orsini were appointed, having been nominated by Safran, and were co-opted as Supervisory Board members, and their appointment shall be put to vote at the next shareholders’ general meeting. The new Supervisory Board members’ biographies are included in Appendix 1 of this press release.
Therefore, Zodiac Aerospace’s Supervisory Board is composed of nine members as follows:
- Louis Desanges (Chairman since January 9, 2018);
- Bernard Delpit, Coralie Bouscasse, Véronique Aubert, Sandrine Holler and Jean-Jacques Orsini as newly appointed Board members;
- Laure Hauseux and Vincent Gerondeau, as members deemed independent by the Supervisory Board; and
- Anne Aubert, representing employees.
Bernard Delpit was appointed Vice-Chairman of the Supervisory Board today.
As a result of the adoption of the new Supervisory Board’s Rules of Procedure, the Compensation Committee and the Appointment Committee have been wound up.
The Audit Committee is now comprised of three members: Bernard Delpit (Chairman of the Audit Committee), Laure Hauseux and Sandrine Holler.
Composition of the Executive Board
During the same meeting held today, and following the resignation of the Executive Board members Yann Delabrière (Chairman of the Executive Board), Maurice Pinault and Didier Fontaine, the newly reshuffled Supervisory Board has appointed three new Executive Board members:
- Vincent Mascré, Chairman of the Executive Board;
- Celeste Thomasson; and
- Bruno Pasini.
The new Executive Board members’ biographies are included in Appendix 2 of this press release.
Zodiac Aerospace is a world leader in aerospace equipment and systems for commercial, regional and business aircraft and for helicopters and spacecraft. It develops and manufactures state-of-the-art solutions to improve comfort and facilities on board aircraft and high-technology systems to increase aircraft performance and flight safety. Zodiac Aerospace, a Safran* company since February 2018, has 32,500 employees worldwide and generated revenue of 5.1 billion euros for its fiscal year ended August 31, 2017. Zodiac Aerospace is listed on the Euronext Paris stock exchange.
* Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with nearly 58,000 employees and sales of 15.8 billion euros in 2016. Safran is listed on the Euronext Paris stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices. For more information: www.safran-group.com and www.zodiacaerospace.com / Follow @Safran and @ZodiacAerospace on Twitter