| February 2016 |
BOULOGNE BILLANCOURT CEDEX, France, Feb. 18, 2016 (GLOBE NEWSWIRE) --
Vallourec Supervisory Board:
Appointment of two new Board members
and term renewals
Boulogne-Billancourt, 18th February 2016 - In its 17th February 2016 session, the Vallourec Supervisory Board decided to submit to the vote of the shareholders' annual General Assembly on 6th April 2016 the appointment of the firm Bpifrance Participations as Supervisory Board member, for a term lasting four years, or until completion of the Ordinary General Assembly convened to rule on the accounts of the financial year ending 31st December 2019. Bpifrance is a key shareholder that has demonstrated its long-term commitment alongside the company.
During this same session, the Supervisory Board decided to submit to the vote of the annual General Assembly the renewal of the terms of Messrs. Olivier Bazil, José Carlos Grubisich and Pierre Pringuet, which are set to expire, for a four-year period, extending until completion of the Ordinary General Assembly convened to rule on the accounts of the financial year ending 31st December 2019.
The Supervisory Board also decided to co-opt Ms. Laurence Broseta as a Supervisory Board member to replace Mr. Michel de Fabiani, who will be resigning effective 5th April 2016. The ratification of Ms. Broseta's appointment will be proposed during Vallourec shareholders' annual General Assembly held next 6th April. Ms. Broseta is currently Managing Director of Transdev's French operations. She possesses tremendous industrial experience and performs managerial functions both in France and internationally. She sits on the Thales Board of Directors. The Supervisory Board considered that Ms. Laurence Broseta is definitely qualified to serve as an independent member.
Moreover, the Supervisory Board decided, effective 5th April 2016, to appoint Mr. Pierre Pringuet as Member and President of the Committee of Nominations, Remuneration and Governance, to replace Mr Michel de Fabiani.
The Supervisory Board President and all Board members would like to thank Mr. Michel de Fabiani, who is resigning, and Mr. Jean-François Cirelli, whose term as Supervisory Board member expires upon completion of the next General Assembly, for their active involvement and contribution to advancing the Supervisory Board's agenda.
Bpifrance proposes a full spectrum of financing to companies at each major step of their development, along with an offering adapted to regional specificities. As part of Bpifrance's equity investment services, Bpifrance Participations focuses its investments in both Large and Medium-sized Corporations, to accompany their growth in France as well as abroad. Bpifrance Participations is a minority shareholder involved in governance aspects, in addition to being a long-term investor able to adapt to companies' various development cycles. Bpifrance Participations will be represented by Mr. Bertrand Finet, who serves as Executive Director for Large- and Mid-Cap Investment.
A French national born on 22nd September 1968 in Marseille, Ms. Laurence Broseta graduated from the Telecom Paris School, in addition to being an alumnus of the Ecole Polytechnique institution. She began her career at RATP in 1994 and remained for 20 years inside the RATP Group, both in France and abroad, with significant experiences at Systra (joint venture between RATP and SNCF) in London on a high speed rail project and as Chief Executive Officer of the RATP DEV subsidiary in South Africa. Upon her return to France in 2008, she joined the RATP DEV board as Vice President in charge of the International business unit where she was in charge of operations and development for 12 countries in particular being responsible for acquisitions in the United States as well as the creation of joint ventures in South Korea, India and China and development in the Maghreb and South America. Ms. Broseta thus has considerable international exposure and solid experience handling partnerships on major industrial projects.
In 2012, after twenty years in the RATP Group, she was handed the reins of Five-Stein, a worldwide specialist of thermal ovens for the steel and glass industry, and then in March 2013 was appointed as Managing Director for the French operations of Transdev, an international passenger transportation company which has €2.5 billion in revenue with a French workforce of 38,000.
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications.
With over 20,000 employees in 2015, integrated manufacturing facilities, advanced R&D and a presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the energy challenges of the 21st century.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
Follow us on Twitter @Vallourec
|For further information, please contact|
Tel: +33 (0)1 49 09 35 58
Tel: +33 (0)1 41 03 77 50
Christophe Le Mignan
Tel: +33 (0)1 49 09 38 96
Toll-free no.: 0 800 505 110
Fichier PDF http://hugin.info/143606/R/1987392/729438.pdf