Bouton had combined the chairman and CEO functions since 1997 and claimed a "clear mandate" to run Societe Generale after twice offering to resign over the 4.9 billion euros in speculative losses triggered by junior trader Jerome Kerviel.
The discovery of huge uncovered positions over a weekend in late January caused panic at France's second-biggest listed bank and sent it scrambling for emergency funds under the watchful eye of France's central bank, which criticized its controls.
Oudea, 44, was credited with helping to stabilize the bank, as it negotiated an emergency capital increase and unwound up to 50 billion euros of wrong-way bets in a falling market.
He was recently promoted to one of Societe Generale's deputy CEO positions on top of his finance director role.
French President Nicolas Sarkozy had called on Bouton to resign over the trading scandal, which angered French voters and sent shockwaves through the global banking system, already strained by subprime write-downs and collapsing credit markets.
But SocGen's board and major shareholders closed ranks behind Bouton as the bank's larger French rival BNP Paribas openly pondered a bid before declaring a truce. Throughout, Bouton vowed to keep Societe Generale independent.
On Thursday, SocGen shares rose 5.9 percent to 75.15 euros, buoyed partly by renewed speculation that France's Credit Agricole might make a move on SocGen.
Societe Generale said in a statement that Bouton had initiated the new management decisions.
It said the board would discuss the changes on May 12.
The same meeting is due to approve first-quarter earnings, which the bank said would reflect the "sustained confidence of our clients, the group's resilience and once again the benefits derived from a balanced portfolio of activities in a difficult environment."
SocGen was seen as one of the last major European banks to have a combined chairman and chief executive role.
Bouton was the author of a 2002 blueprint on French corporate governance that proposed tighter supervision and accounting rules in the wake of the Enron affair but did not come down either for or against splitting the top roles.