CGG boss to head out after restructuring

CGG CEO, Jean-Georges Malcor

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.

Share this article

Follow Offshore Energy Today

Posted on December 5, 2017 with tags .

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

AOG 2018 Conference

This event is a showcase of the latest products and attracts over 8,000 global visitors providing opportunities to network and learn about…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply