It's a surprise departure, with the board initially set to extend him another four years in office.

Mr. Guillemot, who had been chief executive since December 5, 2017, "asked not to be renewed in his functions as chief executive" during the group's board meeting in the morning, according to a press release from Elior. .

At the same time, he tendered his resignation from his position as group administrator with immediate effect.

"It's a surprise for everyone," the group's spokeswoman told AFP, stressing that "no one was informed" of this decision when the renewal of his mandate had been confirmed "at 98 %" the day before at a general meeting at the request of the board of directors, which was then not aware of Mr. Guillemot's choice.

Faced with the challenges of emerging from the health crisis, the group indicates that on the occasion of his departure, "no severance, non-competition or other indemnity is due or paid to Philippe Guillemot" who "also loses all right to his long-term compensation elements allocated to him", in accordance with the recommendations of AFEP-MEDEF and the Autorité des marchés financiers (AMF).

Only his fixed compensation is paid to him pro rata temporis for 2021-2022, underlines the group.

"The board takes note of Philippe Guillemot's decision and salutes the efficient work carried out over the past four years, in a particularly difficult context over the past two years", comments the chairman of the board of directors, Gilles Cojan, quoted in the press release.

During the 2019/2020 financial year, Elior fell into the red, suffering a massive net loss of 483 million euros, very affected by the Covid 19 pandemic, in particular in corporate catering.

He had managed to reduce his loss for his 2020-2021 financial year to 100 million euros, then hoping to regain his pre-crisis turnover by "by 2024".

But in January, the group suspended its financial targets for the 2021-2022 financial year, citing a lack of visibility in all its markets due to the health protocols put in place to stem the Omicron variant but also the acceleration of inflation. which puts margins under pressure.

Engineer graduated from the School of Mines and Harvard, Philippe Guillemot had been propelled into collective catering at a time when the Elior group saw its profitability plummet.

Bernard Gault Acting CEO

In a press release published on the occasion of his appointment as CEO, the group hoped that Philippe Guillemot's experience "of large decentralized and international companies" would make it possible to pursue "the internationalization strategy".

The Board of Directors unanimously appointed Bernard Gault, an independent director for four years, as interim Chief Executive Officer until the Board appoints a new Chief Executive Officer.

Bernard Gault is founding partner of investment firm Barville & Co, founded in 2016, and co-founder of financial advisory and asset management firm Perella Weinberg Partners, incorporated in 2006.

The Board of Directors is now composed of ten members, 50% of whom are independent members and five women.

The nomination and remuneration committees are merged during the interim period, Elior specifies.

At its competitor Sodexo, which regained 95% of its pre-Covid activity in the first quarter of its staggered 2021/2022 financial year and confirmed its forecasts, the chairman of the board of directors Sophie Bellon was appointed CEO of the group last month.

She had already served as interim CEO since October 1, 2021, replacing Denis Machuel.

© 2022 AFP