The bank for a changing world

BNP Paribas adopts its new organization

  • 11.06.2003
At its meeting on 11 June 2003, the Board of Directors of BNP Paribas determined the conditions for splitting up the functions of Chairman and Chief Executive Officer. This change had been approved in principle on Michel Pébereau's recommendation at the Board meeting on 14 May, prior to the Annual Shareholders' Meeting.
Mr. Pébereau will chair the Board of Directors in accordance with the law, the company's articles of incorporation, and best corporate governance practices. The Board sets the orientations for BNP Paribas businesses and ensures that they are implemented. In close cooperation with General Management, he represents the Group in its high-level relations, particularly those involving major clients and ensures that good shareholder relations are established and maintained.
Baudouin Prot has been named Chief Executive Officer. Accordingly, he manages the Group and has been given full power. He supervises the Group's core businesses and functions.

On Baudouin Prot's recommendation, the Board of Directors has appointed Georges Chodron de Courcel and Jean Clamon Chief Operating Officers and corporate representatives. Their mission is to assist the Chief Executive Officer carry out his functions.

- Responsibility for the Corporate and Investment Banking (CIB) has been entrusted to Philippe Blavier.
- Responsibility for Retail Financial Services (RFS) and International Retail Banking (IRB), which will be regrouped under the name International Retail and Financial Services (IRFS), has been entrusted to Pierre Mariani. At the same time, Cortal Consors - Europe's leading on-line broker - will be placed under the responsibility of the Asset Management and Services core business. These organizational changes will be presented to the appropriate employee representative bodies.
- Responsibility for the other core businesses - French Retail Banking (FRB) and Asset Management and Services (AM&S) - remain entrusted to Jean-Laurent Bonnafé and Vivien Lévy-Garboua, respectively.

Responsibilities within General Management have been attributed as follows:
- Georges Chodron de Courcel is specifically in charge of coordinating Corporate and Investment Banking (CIB) as well as Asset Management and Services (AM&S).
- Jean Clamon is specifically in charge of coordinating French Retail Banking (FRB) and Financial Services and International Retail Banking (FSIRB).

The following individuals report directly to the Chief Executive Officer:
- Dominique Hoenn, BNP Paribas Senior Adviser in charge of market risks and asset/liability management, who also represents the Group in its dealings with market and industry bodies
- Amaury de Seze, Head of BNP Paribas Capital. It is important to note that BNP Paribas has given up control over the management company PAI, which manages its funds in a completely autonomous manner.

Membership of the BNP Paribas Executive Committee is as follows:
- Baudouin Prot, Chief Executive Officer
- Georges Chodron de Courcel, Chief Operating Officer
- Jean Clamon, Chief Operating Officer
- Amaury de Sèze, Head of BNP Paribas Capital
- Philippe Blavier, Head of the Corporate and Investment Banking
- Jean-Laurent Bonnafé, Head of the French Retail Banking
- Philippe Bordenave, Head of Group Finance
- Hervé Gouëzel, Head of Group Information Systems
- Bernard Lemée, Head of Group Human Resources
- Vivien Lévy-Garboua, Head of the Asset Management and Services
- Pierre Mariani, Head of the Financial Services and International Retail Banking

On behalf of all the shareholders of BNP Paribas, the Board of Directors unanimously underscored the exceptional nature of Mr. Pébereau's decision to transfer General Management responsibility to Mr. Prot at this time in order to organize the advent of the next generation under the best conditions and at the most opportune time. The members of the Board were unanimous in praising the exemplary nature of this corporate governance decision, as well as the immensity of Mr. Pébereau's achievements in his ten years as Chairman and Chief Executive Officer. During this period, net income attributable to the Group grew by a factor of 22. Yet Mr. Pébereau's success at the head of BNP Paribas extends well beyond this financial performance. The acknowledged success of the merger between BNP and Paribas, as well as the Group's change in scope, are other prominent examples. The Board congratulated Dominique Hoenn for his accomplishment as Chief Operating Officer, particularly for his contribution to the success of the merger. As a dynamic and unified organization, and an innovative and global company, BNP Paribas is currently the leading banking and financial services group in the euro zone both in terms of results and market capitalization. The Board was pleased that Mr. Pébereau, the leading force behind this success, has chosen to stay on as Chairman of the Group.
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