Chief executive officer of CGG, a French geophysical player, will be leaving his position next year once the company completes its financial restructuring.
This was announced by CGG on Monday, only days after the Commercial Court of Paris approved the company’s safeguard plan, after finding the claims filed by certain holders of CGG’s convertible bonds against this draft plan inadmissible.
With the favorable decision of the Paris Commercial court approving the safeguard plan further to the approval of the resolutions necessary to implement the plan by the extraordinary general meeting and the confirmation judgement for the Chapter 11 in the United States, the next procedural step of CGG’s financial restructuring, before implementing its financial restructuring plan which should be completed in 1Q 2018, is the hearing scheduled on December 21, 2017.
The hearing will consider the motion for the recognition of the ruling approving the safeguard plan within the context of the Chapter 15 proceedings.
As CGG is now moving towards a new stage, and after eight years as Chief Executive Officer of CGG, Jean-Georges Malcor has decided, in agreement with the board of directors, not to pursue his mandate of CEO once the restructuring process is completed, CGG explained. The board of directors will therefore immediately launch the search for a new CEO, the company added.
Malcor will complete the financial restructuring process in the first quarter of 2018. He will then step down as CEO when his successor is appointed. Malcor will remain in the company until his retirement on October 1, 2018 in order to support him/her in taking office.