SOMFY SA (EPA:SO) - Somfy / Plan to change governance model

Transparency directive : regulatory news

20/04/2021 17:55

PRESS RELEASE
20 APRIL 2021

PLAN TO CHANGE GOVERNANCE MODEL

Somfy is announcing its plan to modify its limited company's current governance
model to a Board of Directors with separate Chairman of the Board of Directors
and Chief Executive Officer functions.

Over the past three years, Somfy has undertaken a profound transformation to
become the preferred partner for window and door automation for homes, notably
through its 2030 Ambition project and the implementation of a new functional
organization. This new organization, combined with every employee's dedication,
has enabled the Group to meet the challenges formed by the health crisis. The
Covid-19 crisis has not only brought the home back to the forefront of
consumers' attention and accelerated the pace of market change, but it also is
creating new underlying trends for the Group.

Faced with these challenges, the Management Board wishes to adapt the Group's
governance model to strengthen the agility of its model and create balanced
governance that will better combine strategic vision and operational
excellence. A proposal will be made during the General Assembly meeting to
change the form of governance to that of a limited company with a Board of
Directors. After the General Assembly meeting, and pending its approval, the
Board will consider the separation of the Chairman of the Board of Directors
and Chief Executive Officer functions, with the following appointments:

- Jean Guillaume Despature, Chairman of the Board of Directors,
- Pierre Ribeiro, Chief Executive Officer,
- Valérie Dixmier, Deputy CEO in charge of People, Culture, and Organization.

To execute the company's project, the governing bodies will be supported by the
Executive Committee, which will be joined by a new, soon-to-be-appointed Chief
Financial Officer. The role of the Executive Committee will be to execute the
strategy, roll out the transformation, manage performance, and define and roll
out the culture.

"During the health crisis, Somfy demonstrated the resilience of its model and
the relevance of its project, 2030 Ambition. This new governance model will
help us face the major changes in the housing and construction market, by
strengthening our ability to anticipate while giving Executive Management and
the Executive Committee the means to focus on operational excellence to pursue
our profitable growth objectives," explains Jean Guillaume Despature, Chairman
of the Management Board.

"The Supervisory Board, which I have chaired for the past eight years, has
supported Somfy in its development and in consolidating its position as the
world leader. I am pleased to contribute to the implementation of this new
governance model, which will provide the Group with the governing bodies needed
to meet the new challenges of digitalization, sustainable development, and
market transformation," states Michel Rollier, Chairman of the Supervisory
Board.

PROFILE

Founded in 1969 in France, and now operating in 58 countries, Somfy is the
world leader in window and door automation for homes and buildings.
Pioneer in the connected home, the Group is constantly innovating to guarantee
its users comfort, well-being, and security in the home and is fully committed
to promoting sustainable development.
For 50 years, Somfy has been using automation to improve living environments
and has been committed to creating reliable and sustainable solutions that
promote better living and well-being for all.

CONTACTS

Somfy:
Christine Nast: christine.nast@somfy.com

Shan:
Alexandre Daudin: alexandre.daudin@shan.fr / + 33 (6) 34 92 46 15
Sarah Levy Quentin: sarah.levy-quentin@shan.fr

SOMFY SA's latest news

24/01/2023 17:35

SOMFY SA (EPA:SO) - Somfy / Plan to change governance model

Transparency directive : regulatory news

SOMFY SA's latest news

Other stories