Senard takes on Michelin as Rollier retires

ERJ staff report (DS)

Clermont-Ferrand, France-- Jean-Dominique Senard has officially taken over the reins at Michelin, following the resignation of his predecessor, Michel Rollier which took effect at Friday's Shareholders' meeting.

In closing the meeting, Jean-Dominique Senard presented Michelin's key strategic success drivers, namely i) innovation, the fundamental source of the Group's growth; ii) the MICHELIN brand, which all of the Group's businesses are expected to support; iii) competitive new production capacity, the largest such capacity increase in the Group's history; and above all the outstanding relationship between Michelin employees and their company. Reaffirming his commitment to upholding Michelin's values, Mr. Senard said that he intended to continue along the same path as his predecessors, with unflagging determination to fulfill the Group's bold ambitions.

Shareholders agreed to a share buy-back and to cancel the acquired shares; simultaneously, they agreed to a rights issue to create shares for employees.

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Press release from Michelin