Eramet’s top shareholder pushes for CEO change

Image source: Eramet

Eramet’s top shareholder the Duval family has written a letter suggesting the metals and mining firm replace chairwoman and CEO Christel Bories, business newspaper L’Agefi reported on Wednesday.

The letter was written to state shareholding body APE, Eramet’s second-largest shareholder, L’Agefi reported, citing unnamed sources.

Contacted by Reuters, Eramet and APE declined to comment.

Appointed chairwoman and CEO in 2017, Bories’ current mandate is set to expire at Eramet’s next annual shareholding meeting on May 28.

Eramet is in talks to sell Aubert & Duval, which has been hit by a slump in aviation and sources have said it has a preliminary offer from a consortium including Airbus and Safran.

L’Agefi said the Duval family was unhappy with the handling of Aubert & Duval and of Eramet’s loss-making New Caledonian nickel unit SLN, as well as an increase in group debt over the past four years.

Eramet shares were down around 1% by 1000 GMT versus a slight overall rise in Paris stocks.

The Duvals control 36.9% of Eramet shares through their SORAME and CEIR vehicles compared with 25.6% for APE, with which the family has a shareholder pact.

(By Gus Trompiz, Jean-Michel Belot and Gwenaelle Barzic)

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