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Change at the top: SocGen to split chairman and CEO roles

Andrew Harrer | Bloomberg | Getty Images

French bank Societe Generale said on Monday that it has decided to split the positions of chairman and chief executive as of its annual shareholders' meeting on May 19.

Frederic Oudea will retain the position of CEO, while Lorenzo Bini Smaghi will be appointed chairman of the board of directors, SocGen said in a statement.

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"This change in corporate governance, prepared in 2014, meets the requirements applicable to banks in Europe," the bank said.

"Taking place just after the group successfully joined the European Banking Union, and in an increasingly demanding economic, competitive and regulatory environment, it will allow Societe Generale to continue implementing its strategy and its transformation."

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