After record results in 2021, the year 2022 was to be that of the consecration of the strategy carried out in recent years by Frédéric Oudéa to make people forget the financial crisis of 2008 and the errors of the Kerviel affair. It will finally be that of the announcement of his departure from the general management of the bank, a position he has held since 2009 – even with a CEO cap between 2009 and 2015 – a record of longevity in the bank in France.
Selection process
In a brief press release published at the end of the followingnoon, the bank indicates that Frédéric Oudéa “will not seek the renewal of his mandate as director and general manager in May 2023” on the occasion of the general assembly which is being held this Tuesday. The president of the banking group, Lorenzo Bini Smaghi, indicated that a selection process for a new general manager has been decided by the board of directors on a proposal of the Appointments and Corporate Governance Committee by 2023. Until then, Frédéric Oudéa will continue to lead the bank.
“It’s a decision taken with humility, a lot of emotion but also a lot of serenity”declared the managing director during the general assembly.
This announcement is a surprise. During the presentation of the quarterly results, the manager was pleased to implement all his strategic projects, whether it be the merger of the networks of domestic agencies to create a “new bank”the finalization of the acquisition of LeasePlan to become the world leader in car leasing and thus build a “third pillar” for the bank, through the accelerated growth of Boursorama and the restoration of order in the investment bank.
Sale of Lyxor
Some mourners, however, questioned this strategy, car leasing or online banking might not, in their eyes, replace the influence of yesteryear of the bank on market activities. The sale of Lyxor last year to Amundi undoubtedly marked the end of an era.
But Frédéric Oudéa had succeeded in instilling, especially in recent months, a new wind of conquest and hope, both internally and among investors and financial analysts. And it is a particularly relaxed man, following years of hardship and restructuring, who appeared during his public outings or with the press.
The war in Ukraine has shattered this beautiful dynamic. The forced sale of its Russian subsidiary Rosbank, straightened out and become very profitable, will cost the bank more than 3 billion euros in the second quarter of 2022. History does not really say why the bank has bet so much on its presence in Russia, especially since the annexation of Crimea in 2014. The Russian banking market is, it is true, attractive, with a real solvent clientele and, above all, a particular appetite for innovation and technology. The bet was risky but playable. But the bank finally lost its bet and Frédéric Oudéa undoubtedly pays the price.