During the meeting of Nexans’ board of directors Frédéric Vincent announced his decision to end his term as chairman of the company and as director effective March 31, 2016, and to retire.
The board of directors appointed Georges Chodron de Courcel as non-executive chairman of the board of directors, effective upon Frédéric Vincent’s departure.
Cyrille Duval will replace Georges Chodron de Courcel as chairman of the audit and accounts committee, the company informed.
Frédéric Vincent advised the board of his decision to give up his rights under the long term incentive plans. The board of directors decided not to activate the non-compete obligation and therefore not pay him the corresponding indemnity. The termination indemnity linked to his chairmanship will not be paid. Frédéric Vincent will therefore benefit solely from his pension rights, Nexans said.
He started his career within the Alcatel 30 years ago, and continued with Nexans, since its creation 15 years ago.