EDF to seek new CEO as France renationalises the utility
2022.07.07 09:41
EDF and the French state will kick off the process of finding a new boss for the utility a day after the government announced its plan to fully renationalise the company, the French power company said on Thursday.
“The state and Jean-Bernard Levy have agreed to launch the succession process from now,” the French economy ministry, which manages the state’s 84% stake in EDF (EPA:EDF), said in a statement.
EDF confirmed the decision, adding in a separate statement that Levy, whose term officially ends in 2023, was prepared to step down earlier once a successor had been found.
France’s prime minister announced plans on Wednesday to fully nationalise EDF in a move that would give the government more control over restructuring the debt-laden group while contending with a European energy crisis.
French budget minister Gabriel Attal said on Thursday it was too early to put a price tag on the move to acquire the approximately 15% of EDF shares now traded on the market.
“This will depend on the company’s shares,” Attal told France 2 television.
Buying the shares the government does not already own at the current prices would cost about 5 billion euros ($5.09 billion).
