CLERMONT-FERRAND, France (May 30, 2006) – Group Michelin has named Michel Rollier, a co-managing partner of the firm since May 2005, as sole managing partner in the wake of the death of Edouard Michelin.
Mr. Rollier, 61, has been with Michelin since 1996, starting with the firm in legal services and financial operations. He was appointed director for planning and accounting in August 1998 and chief financial officer in October 1999.
He became a general partner of the company in May 2005 alongside Mr. Michelin and Rene Zingraff, who retired at the firm's most recent annual meeting May 12 after 10 years as a managing partner.
“Pursuant to Michelin´s governing by-laws, as of today, I am assuming the full responsibilities as the head of Michelin,” Mr. Rollier said in a prepared statement. “Our strategic orientations are clear. They remain unchanged.”
Prior to joining Michelin, Mr. Rollier worked for a division of International Paper Group. His father Francois also worked for Michelin and was a co-managing partner along with Francois Michelin from 1966-91. Francois Michelin and Francois Rollier were cousins.
The price of Michelin shares on the Paris Bourse closed Monday at 50.95 Euros, down marginally from Friday's close.
In a separate statement, Michelin's supervisory board expressed their confidence in Mr. Rollier's leadership, especially in terms of continuing to develop the group in the “framework of values of humanism, innovation, quality and audacious values that have characterised the group since its origins."