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On March 1, 2022, Philippe Guillemot resigned as CEO of Elior Group for personal reasons, effective immediately. The Board appointed Bernard Gault as interim CEO, acknowledging Guillemot's contributions during challenging times. Gault, an independent director since 2018, will lead the company while a new CEO is sought. The board maintains a diverse composition, with 50% independence. No severance is due to Guillemot, who forfeits long-term compensation. Elior Group, a major player in contract catering, reported revenues of €3.690 billion for fiscal 2020-2021.
Positive
Bernard Gault's appointment as interim CEO could provide fresh perspectives and continuity in leadership.
Gault's extensive experience in finance may strengthen the company's strategic direction.
Negative
The abrupt departure of Guillemot may raise concerns about organizational stability and continuity.
The need to appoint a permanent CEO could lead to uncertainty during the transition period.
PARIS--(BUSINESS WIRE)--
Regulatory News:
During Elior Group’s (Paris:ELIOR) Board of Directors meeting on March 1, 2022, Philippe Guillemot resigned for personal reasons from his position as Chief Executive Officer with immediate effect.
The Board of Directors has unanimously appointed Bernard Gault, an independent director for the past four years, as interim Chief Executive Officer, pending the appointment of a new Chief Executive Officer.
Gilles Cojan, Chairman of the Board of Directors, stated: "The Board acknowledges Philippe Guillemot's decision and appreciates his contribution over the past four years, during a particularly challenging environment for the past two years. The Board would like to thank Bernard Gault for his commitment to Elior’s strategic plan. Together, with the strength of Elior's decentralized organization in each of our countries, and the support of our customers, employees and all stakeholders, we will raise to the challenges as we exit the Covid-19 pandemic.”
Bernard Gault, interim CEO, stated "I know I can trust Elior's excellent teams, and I am fully committed to ensuring the continued development of a first-class company that I have known for a long time and to which I am very attached."
The Board of Directors is now composed of ten members, 50% of whom are independent, and includes five women. The nomination and remuneration committees are merged during the interim period.
Bernard Gault is the founding partner of the investment firm Barville & Co, founded in 2016, and co-founder of the financial advisory and asset management firm Perella Weinberg Partners, formed in 2006. He began his career in 1982 at Compagnie Financière de Suez before joining Morgan Stanley in 1988, where he was a Managing Director until 2006. He is a graduate of Centrale Paris and of the Institut d'Études Politiques de Paris. Bernard Gault has been an independent director of Elior Group since March 9, 2018.
In accordance with the AFEP-MEDEF and AMF recommendations, it is specified that no severance, non-competition or other compensation is due or paid to Philippe Guillemot on the occasion of his departure. He also loses all rights to all of his long-term compensation packages that were awarded to him. For 2021-2022, only his fixed compensation has been paid pro rata temporis.
Founded in 1991, Elior Group has grown into one of the world's leading operators in contract catering and support services and has become a benchmark player in the business & industry, education, health & welfare and leisure markets.
With strong positions in 5 countries, the Group generated €3.690 billion in revenue in fiscal 2020-2021.
Our 99,000 employees feed over 3.6 million people on a daily basis in 22,700 restaurants on three continents, and offer services on 2,400 sites in France.
Innovation and social responsibility are at the core of our business model. Elior Group has been a member of the United Nations Global Compact since 2004, reaching the GC Advanced Level in 2015.
