France’s Engie in board changes

The board of France’s energy giant and LNG player, Engie will propose Jean-Pierre Clamadieu as its new board chairman at a shareholders meeting on May 18.

Clamadieu, who is the chief executive of Belgian chemical group Solvay, would replace former CEO of Engie, Gérard Mestrallet.

Engie said in a statement that Mestrallet would be appointed honorary chairman in recognition of the 23 years he devoted to developing the company.

On the other side, the French state, which reduced its stake in Engie’s share capital to 24.1 percent, announced that it would turn one of its five board member seats back to the board.

Engie’s board will on March 7 choose a new independent board member, and the appointment will be submitted for approval at the shareholders meeting, Engie said.