Engie Board Votes Out CEO

The board of directors at French energy firm Engie decided on February 6 not to extend the tenure of CEO Isabelle Kocher, due to end in May, the company said in a statement late on February 6.

Board chairman Jean-Pierre Clamadieu expressed his “deepest gratitude” to Kocher for her 20 years of service at Engie. Since taking its helm in 2016, she “led the group on a path of far-reaching transformation, and in particular through the withdrawal from hydrocarbon exploration and production activities and coal-fired electricity production.”

Ahead of the announcement, though, Reuters and other news outlets reported that French state representatives on Engie’s board had sought to oust Kocher, believing she had sold off company gas and coal assets too cheaply, thereby destroying its value. Reports of boardroom infighting have been circulating for months in the French press.

Engie said it would "immediately launch a wide-ranging search following the highest standards of governance" for a new CEO.