Angry Eurotunnel chief executive resigns

10th June 2005, Comments 0 comments

PARIS, June 10 (AFP) - The chief executive of Eurotunnel, Jean-Louis Raymond, has resigned, a spokeswoman for the heavily indebted British-French company that operates the Channel tunnel said on Friday.

PARIS, June 10 (AFP) - The chief executive of Eurotunnel, Jean-Louis Raymond, has resigned, a spokeswoman for the heavily indebted British-French company that operates the Channel tunnel said on Friday.  

Soon afterwards, Raymond, who held the post for little more than 14 months, told AFP that he had left because he disagreed with irreconcilable differences with company chairman Jacques Gounon regarding negotiations with the employees' union over redundancy payments for people losing their jobs under a restructuring plan.  

"I am completely opposed to (his) methods," Raymond said. "Over several weeks, the non-executive president publicly criticised the management for petty political reasons."   Company shareholders are to meet on June 17 for a vote on whether to keep Gounon at the helm. A source close to the company said that senior management decisions may be taken at a board meeting called for Monday.  

Raymond stays on as a company administrator, the source said.  

Twelve months ago, small shareholders revolted against the management team at the time, replacing it with a team which has been unstable since.  

The Channel tunnel operator is currently saddled with debt of EUR 9 billion (USD 10.98 billion).  

On April 20, the company began a debt-restructuring process to stave off bankruptcy proceedings.

© AFP

Subject: French News

0 Comments To This Article