Ousted EADS chief brands process 'pitiful'

13th January 2005, Comments 0 comments

PARIS, Jan 13 (AFP) - European Aeronautic Defence and Space Company co-chief executive Philippe Camus said Thursday the nomination of Airbus CEO Noel Forgeard as his replacement was never put to the EADS board of directors.

PARIS, Jan 13 (AFP) - European Aeronautic Defence and Space Company co-chief executive Philippe Camus said Thursday the nomination of Airbus CEO Noel Forgeard as his replacement was never put to the EADS board of directors.

"There was never any discussion among the board," Camus said at a news conference.

"This is not a model of corporate governance," he added, saying that the various arguments for management change were only presented through press reports or by rumours.

He said that while he was not bitter about his ousting from EADS after several years of helping to launch the company, the manner in which he was replaced was "pitiful" and "not worthy of a country like France."

Camus said in December he would step down from his role at EADS to be replaced by Forgeard amid speculation that French President Jacques Chirac was pushing fellow EADS shareholder Lagardere to nominate Forgeard to the post.

Forgeard said Wednesday his departure from the post at Airbus was "likely" to coincide with the EADS general shareholders meeting in May.

Camus on Thursday said he would not step down early and that he would remain in his post until at least the shareholders meeting in May.

The French side of EADS named Forgeard in December to represent their interests at the helm of the enterprise's current Franco-German management mandate that expires in July.

The French government and the media and defence group Lagardere, which together own 30 percent of EADS, said they had decided that Forgeard should succeed Camus.

The announcements ended weeks of divisive rumours over the French succession to the dual management team, led by Camus and by Rainer Hertrich of Germany since the creation of the European giant in July 2000.

Hertrich, who had a close relationship with Camus at the helm of EADS, unexpectedly announced he would resign earlier in December, reportedly in anger at French efforts to install Forgeard.

© AFP

Subject: French News

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