Annual Shareholders’ Meeting of May 26, 2009 - Frédéric Vincent takes office as Nexans’ new Chairman and CEO - Outlook for the first half 2009 and full-year 2009
Paris, May 26, 2009 - The Annual Shareholders' Meeting of Nexans, presided by Gérard Hauser, Chairman and CEO, will take place today May 26, 2009, at 3.00 pm at the Palais Brongniart in Paris.
Amongst the proposed resolutions to the shareholders are the commitments entered into with Frédéric Vincent, the new Chairman and CEO of Nexans, who will officially take office at the end of the Meeting.
Frédéric Vincent is succeeding current CEO Gérard Hauser, who will remain a member of the Board of Directors until May 2010. This completes the transition initiated in 2006 when Frédéric Vincent was appointed as Chief Operating Officer with a view to becoming Nexans’ new CEO.
As member of Nexans’ Executive Committee since the creation of the company in 2000, Frédéric Vincent has played an active part in Nexans’ development since then. He was one of the architects of the company’s IPO in 2001. He had a key role in Nexans’ major external growth transactions during the last few years, such as the acquisition of Olex in Australia and Madeco cable activity in South America. In addition, he has been involved in designing the various strategic plans that have enabled Nexans to strengthen its worldwide leadership in the cable industry.
Frédéric Vincent started his career with the audit firm Arthur Andersen in 1978 before joining in 1986 the Alcatel Group in which he held different operational positions within the Finance Department. In 2000, he became Nexans' Chief Financial Officer. Frédéric Vincent is a graduate of the Ecole des Hautes Etudes Commerciales and of the Institut d'Etudes Politiques of Paris.
A new Management Committee
As new CEO, Frédéric Vincent has decided to modify the organization of the top management of the Group with a view towards increased reactivity to new challenges in the cable industry and in the worldwide economic environment.
A new Management Committee, chaired by Frédéric Vincent, thus gathers:
- Frédéric Michelland who is appointed CFO, Senior Corporate Executive Vice President
- Pascal Portevin, Senior Corporate Executive Vice President, in charge of definition and implementation of commercial and innovation policy. In addition, the MERA (Middle-East, Russia and Africa), Asia-Pacific, North America, and South America Areas report to him.
- Yvon Raak, Senior Corporate Executive Vice President, in charge of definition and implementation of industrial and logistics policy. He remains responsible for the Europe area.
The Executive Committee of Nexans is composed of 11 members :
- The members of the Management Committee, as well as:
- Nicholas Ballas*, appointed as of June 1st, 2009 as Executive Vice President Asia-Pacific Area, replacing Michel Lemaire who is retiring,
- Wolfgang Bedorf, Executive Vice President Middle East Russia Africa Area,
- Jean-Claude Nicolas, Senior Corporate Vice President Communications, who ensures the Committee secretariat,
- Patrick Noonan, General Counsel, Senior Corporate Vice-President, appointed as Secretary General,
- Jorge Tagle, Executive Vice President South America Area,
- Gordon Thursfield, Executive Vice President North America Area, and
- Jacques Villemur, Senior Corporate Vice President Human Resources.
*Born in Saint-Paul, Minnesota (United States of America), Nicholas Ballas has an MBA degree from Thunderbird School of Global Management. Since 1987, Nicholas Ballas has worked for the Cabot Group, where he held various positions in the domains of finance and business development in the USA, Japan and Indonesia.
Outlook for first half 2009 and full year 2009
Nexans takes the opportunity of this Annual Shareholders' Meeting to indicate that as the current worldwide economic context is still difficult, particularly in Europe and in North America, in the building market and in certain industrial segments such as the automotive industry, second-quarter 2009 sales are not expected to improve compared with the first quarter 2009.
In this context, the Group remains focused on its internal year-end objective of a 6% operating margin, following the organic decrease of cable sales of 15% for the first half of the year. A favorable seasonal pickup in energy infrastructures, the end of the destocking phenomenon as well as the first effects of the cost reduction measures already undertaken by the Group should positively contribute to the performance of the second-half of the year, in an uncertain price environment, particularly in the cable building activity.
Taking all these elements into account, operating margin at June 30, 2009 is expected to be in the order of 4.5% to 5%.
2009 Financial Calendar
June 3, 2009: Payment of the dividend
June 18, 2009: Individual shareholders’ information meeting in Nantes*
July 28, 2009: Publication of the 2009 first-half results and sales
(* provisional date intended for information purposes only)
With energy as the basis of its development, Nexans, the worldwide leader in the cable industry, offers an extensive range of cables and cabling systems. The Group is a global player in the infrastructure, industry, building and Local Area Network markets. Nexans addresses a series of market segments from energy, transport and telecom networks to shipbuilding, oil and gas, nuclear power, automotive, electronics, aeronautics, handling and automation. With an industrial presence in 39 countries and commercial activities worldwide, Nexans employs 23,500 people and had sales in 2008 of 6.8 billion euros. Nexans is listed on NYSE Euronext Paris, compartment A. More information on www.nexans.com