Isabelle Kocher, whose mandate as CEO of Engie has not been renewed, leaves the group with 3.3 million euros in compensation, according to financial documents published Tuesday.
At the end of a "transactional memorandum of understanding", approved on Monday by the board of directors, the two parties agreed on a first amount of 1.9 million including a transactional indemnity and a non-compete indemnity current on 18 months.
"New leadership"
Engie also plans to make available to its former manager maximum material resources during these 18 months: the provision will end "as soon as Isabelle Kocher has found a full-time professional occupation", adds the protocol - that the General meeting of shareholders must approve in mid-May.
In addition to these 1.9 million euros, Isabelle Kocher, who joined the group in 2002, will also receive 1.399 million euros gross as compensation for termination of employment contract. According to Engie, "the total amount of compensation respects the ceiling provided for in this area by the Afep-Medef Code", which sets standards and recommendations in matters of corporate governance and in particular of executive compensation.
The board of directors of Engie had decided in early February not to renew the mandate of Isabelle Kocher, the only woman at the head of a CAC 40 company, citing the “need for new leadership” to deepen the strategy of the group. Isabelle Kocher agreed to leave office on Monday, before the end of her term scheduled for May, at the same time resigning from her term as director.
Society
Linky: The Cnil puts Engie and EDF on notice on the data collected by their meters
Economy
Engie: After the ouster of Isabelle Kocher, what challenges for the company?
- Engie
- Economy