The board of directors of France’s oil giant Total elected Patrick Pouyanné, who has been Chief Executive Officer of Total since October 22, 2014, and director since May 29, 2015, Chairman of the Board of Directors.
As announced on October 22, 2014, Total explained, Pouyanné becomes Chairman and Chief Executive Officer of Total, following the Board’s decision to recombine the two roles.
He succeeds Thierry Desmarest, whose term as Chairman of the Board of Directors expires on December 18, 2015, in line with the age limits specified in the Group’s bylaws. Thierry Desmarest, Honorary Chairman, will remain as a director until the Annual Shareholders’ Meeting on May 24, 2016.
Also, upon the recommendation of the Chairman and Chief Executive Officer, the Board of Directors has decided to create the position of Lead Independent Director. The Lead Independent Director will, in particular, oversee the efficient running of the company’s governance structure, will chair the Governance and Ethics Committee and will be a key contact for shareholders on issues related to the Board of Directors’ responsibilities.
Patricia Barbizet, an independent director since 2008, has been appointed by the Board of Directors as Lead Independent Director. In this capacity, she will chair the Governance and Ethics Committee. She will also be a member of the Compensation Committee.
Following the Board of Directors meeting, Desmarest said, “The Group is in good hands. Patrick Pouyanné will provide the leadership required in an environment demanding discipline and innovation. I know that he will drive Total with determination on the path to sustainable growth.”
Upon his election as Chairman of the Board of Directors, Pouyanné stated, “On behalf of all directors, all of Total’s staff and personally, I would like to express our deepest respect and gratitude to Thierry Desmarest for his unwavering commitment and service to Total. I have found his support and advice invaluable in ensuring the transition of the Group’s management, the Board and its committees. Today’s decisions are fully aligned with the company’s commitment to upholding the highest standards of governance.”