The calendar is accelerating at Engie: the non-renewal of the general manager Isabelle Kocher could be decided as of Thursday by a board of directors which is mainly hostile to him, despite the political support expressed for a few days. The fate of the only woman at the head of a large CAC 40 company was initially to be decided at a board meeting scheduled for February 26. But an extraordinary meeting is convened this Thursday which could end a soap opera that has destabilized the energy giant for months.
The departure of Isabelle Kocher is likely insofar as she faces the hostility of a majority of directors, said one of these sources close to the file. Independent directors on the board are not supportive of him, said another source, citing a "trust issue" with the manager. The State, a shareholder of almost 24% of the energy group, is also present on the board with several representatives and its voice could thus be decisive. The government has not yet taken a public stand but has taken care to support Isabelle Kocher explicitly.
Political support but not only
"If this item is on the agenda, the decision of the representatives will be given with primeur to the members of the board of directors with respect, of course, for governance," said Sibeth Ndiaye, government spokesperson only. The decision will be taken "solely and exclusively with regard to (…) economic criteria", assured Tuesday the Minister of Economy, Bruno Le Maire.
The future of Isabelle Kocher, who is in a good position among the most powerful women in the world according to Forbes , has been the subject of recurrent rumors for months. "A press campaign", regrets the interested party. "I am very motivated to continue my mission," she said in the Journal du Dimanche . In a column published by Les Echos , political leaders (Yannick Jadot, Xavier Bertrand, Anne Hidalgo, Cédric Villani, etc.) and the business community (Frédéric Mazzella, Clara Gaymard, etc.) pleaded for its renewal, welcoming in particular "His tremendous success" on the issue of energy transition.
Profound transformation
The former GDF Suez has been engaged in a profound transformation for years, with an emphasis on three main activities: energy services, electricity from renewable sources as well as gas infrastructures. Legacy of the past, the group is still present in nuclear power in Belgium and a little in coal, but seeks to disengage from this last activity, very polluting. Isabelle Kocher has also defended her financial results in recent months, arguing that the strategic shift had made it possible to return to growth and that the share price had started to rebound.
Behind his personal case still arises the future of the company, at a time when the State has given itself the possibility of lowering its participation in the capital, within the framework of the Pacte law. The hypothesis of a sale of gas infrastructures was raised before being denied by the president of Engie, Jean-Pierre Clamadieu. Isabelle Kocher had also guaranteed the group's unity. "Dismantle and sell Engie by apartments, no," she reacted a few months ago.
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