(Bloomberg) — Societe Generale SA Chief Executive Officer Frederic Oudea is taking over the bank’s risk and compliance functions after the French bank put legal proceedings behind it that cost it $2.6 billion in penalties.
Deputy CEO Diony Lebot, who has overseen remediation programs related to the legal proceedings in the U.S., will take over responsibility for the bank’s ESG policies, the bank said in a statement on Friday. The changes are effective Jan. 17, 2022.
This reshuffle comes after a deferred prosecution agreement with the Department of Justice expired. The bank had reached the deal in 2018, along with a similar deal with French authorities, agreeing to pay a total of $2.6 billion in penalties. The accords provided for the charges to be dismissed after a three year period, provided that the bank complied with their terms.
As part of the changes, Gaelle Olivier will become deputy general manager and chief operating officer, supervising the bank’s resources and coordinating the IT, digital transformation and innovation function.
Last month, deputy general manager and group Chief Financial Officer William Kadouch-Chassaing left the lender in a surprise departure.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
