Daniel Bouton, the Chairman of Societe Generale whose reputation was hit by a trading scandal at the bank, said yesterday he would resign in the wake of criticism over his performance.
"I have decided to put an end to my mandate as chairman of the board of directors of Societe Generale as of May 6. The board will elect a new chairman at its meeting on that same day," Bouton said in a statement.
Bouton was dealt a blow in January 2008 when SocGen unveiled €4.9 billion (Dh23.6bn) of losses caused by unauthorised trades conducted by Jerome Kerviel, a former junior trader at the French bank.
French President Nicolas Sarkozy criticised Bouton over the Kerviel affair and Sarkozy's administration again attacked the bank last month over executive pay packages. SocGen said it would elect a new chairman on May 6, the day before it publishes first-quarter results, and many were already speculating as to who the new chairman might be.
Bouton could be replaced by former Peugeot Citroen head Jean-Martin Folz or SocGen CEO Frederic Oudea, said the industry experts.
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