SocGen names investment bank head Slawomir Krupa as chief executive
Société Générale has picked investment banking head Slawomir Krupa as its next chief executive, turning to a markets specialist to reboot the French lender.
A chronic underperformer on the stock market versus its peers, SocGen is trying to make a clean break from years of restructurings since a rogue trading scandal in 2008. Its outgoing chief executive Frédéric Oudéa will depart next May after 15 years at the helm.
Krupa, who joined the French bank in 1996, originally in its inspection department, beat another internal contender for the job, former Rothschild banker Sébastien Proto. Both were finalists in a process that attracted several external candidates. Ten people were interviewed in total, SocGen chair Lorenzo Bini Smaghi told the Financial Times.
SocGen’s retail business and pared-back investment bank — which is now trying to focus more on advising clients on mergers and acquisitions — have posted improved results in recent quarters.
But analysts have long argued that SocGen lacked a real strategic impetus. Since 2008, its faltering share price has left it trailing French rival BNP Paribas in terms of market value. It is now France’s third-biggest listed bank behind BNP and Crédit Agricole.
Other tasks on Krupa’s to-do list will include finalising the €4.9bn acquisition of LeasePlan as part of a push to grow SocGen’s car leasing unit, centred around ALD. The bank is also trying to further develop its French online business, Boursorama.
Additional reporting by Leila Abboud
This story originally appeared on: Financial Times - Author:Sarah White
