CLERMONT-FERRAND, France (May 15, 2012) — Jean-Dominique Senard has officially taken over the reins at Group Michelin following the retirement of his predecessor, Chairman and Managing Partner Michel Rollier.
The succession which took effect at the company”s May 11 shareholders” meeting.
In closing the meeting, Mr. Senard presented Michelin”s key strategic success drivers:
- Innovation, the fundamental source of Group Michelin”s growth;
- The Michelin brand, which all of the company”s business units are expected to support;
- Competitive new production capacity, the largest such capacity increase in the Group”s history; and
- Above all, the outstanding relationship between Michelin employees and their company.
Reaffirming his commitment to upholding Michelin”s values, Mr. Senard said he intended to continue along the same path as his predecessors, with unflagging determination to fulfill Group Michelin”s bold ambitions.
In other action, shareholders agreed to a share buy-back and to cancel the acquired shares; simultaneously, they agreed to a rights issue to create shares for employees.
This report appeared in European Rubber Journal, a UK-based companion publication of Tire Business.