Credit Agricole CEO To Step Down In 2010

PARIS (AP) — The head of Credit Agricole SA on Tuesday announced plans to step down as the bank's chief executive next year, saying he had successfully completed his mission of managing the lender's emergence from the global financial crisis.

"My mission at Credit Agricole, which entailed managing the Group throughout the crisis period and reconfiguring the bank to prepare it for the post-crisis period, is nearing completion," Georges Pauget said in a statement.

In a separate statement, the bank said the board had approved the nomination of Jean-Paul Chifflet to replace Pauget. Chifflet is currently head of the federation of Credit Agricole's regional banks.

Pauget will step down in March 2010, after the bank unveils its 2009 earnings. He announced his resignation alongside the bank's third quarter earnings, which showed net income fell 21 percent in the third quarter to euro289 million (US$433 million).

Net income declined despite higher revenue and operating profit, as improvement in the bank's core French retail banking division was outweighed by a steep loss in its international operations.

The bank took a euro485 million charge for the reduced value of Emporiki, a Greek banking group that Credit Agricole bought in 2006.

Credit Agricole is restructuring Emporiki with a goal of returning it to profitability by the end of 2011.