This decision comes as a result of strategic differences and the will of the Board to change the Group’s governance structure.
Valeo lost €207m in 2008 and decided to cut 10% employees.
As from 20 March, Pascal Colombani will serve as acting Chairman of the Board and Jacques Aschenbroich, appointed as a Board Member, will assume the post of Chief Executive Officer.
The Board paid homage to Thierry Morin who, during his 20 years with the Group, including eight years as Chairman, worked towards its development and took the appropriate decisions in time of crisis. In recognition of his significant contribution to the development of the Group, the Board conferred on him the title of Honorary Chairman.
Liberation newspaper today March 24 announced Thierry Morin will leave the company with €3.2m, equivalent of 2 year salary.
Jacques Aschenbroich, on the picture, born in 1954, “Ingénieur du Corps des Mines”, has held several posts in the French administration and was in the cabinet of the Prime Minister in 1987 and 1988. He then had an industrial career in the Saint Gobain Group, where he managed subsidiaries in Brazil, in Germany and in the United States. He was president of the glass and high performance materials activities, and was Deputy Chief Executive Officer of the Compagnie de Saint Gobain until December 2008.
