The CEO of Vinci Xavier Huillard was reappointed on Tuesday at the head of the construction, infrastructure and transport concessions group, but will have to give up his functions as general manager during his term of office, for age limit issues. .
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The general meeting voted "the renewal for a period of four years of the mandate of administrator of Xavier Huillard", indicated the group in a press release.
This resolution received the votes of 90.79% of voters.
"The Board of Directors of Vinci, which met after the general meeting, decided to appoint Xavier Huillard as Chairman and Chief Executive Officer, it being specified that the Board does not intend to propose a modification of the age limits provided for in the articles of association.
The functions of Chairman of the Board of Directors and Chief Executive Officer of Xavier Huillard will therefore be separated before the end of his new term of office, “said the group.
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The current statutes of Vinci provide for a limitation to 70 years for the functions of general manager, and to 75 years for the function of president.
Xavier Huillard will celebrate his 68th birthday in June 2022 and will therefore have to step down as Chief Executive Officer at the latest at the General Meeting closing the accounts for the year of his 70th birthday, which will be held in the spring of 2025.
The objective of regaining pre-crisis “financial performance”
During the General Meeting, Yannick Assouad, Chair of the Appointments and Governance Committee of the Board of Directors invoked a "double reason" to support this renewal of Xavier Huillard: firstly, to help the group regain "a financial performance equivalent to that before the crisis”.
While some activities, such as Vinci Autoroutes, have already returned to their pre-pandemic performance in 2021, the Vinci Airports branch experienced another loss during the last financial year, as a result of the difficulties in the air sector.
Another reason put forward to keep Xavier Huillard in his chair as CEO, to support the integration of Cobra IS, the energy branch of the Spanish construction group ACS, the acquisition of which by Vinci was finalized in 2021.
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Regarding the succession of Xavier Huillard to the general management, she assured that the appointments and governance committee had already been "concerned": "the pool of leaders of the Vinci group is important", a- she declared, seeming to evoke an internal solution to the group.