Newedge’s CEO Nicholas Breteau and Deputy CEO Françoise Guillaume are both stepping down from their positions at the listed derivatives-focused broker, with Societe Generale taking on top roles as the French bank prepares to acquire the 50% stake in the business that it doesn't already own.
The shakeup in the executive team at Newedge, a joint venture between Societe Generale and Credit Agricole, also see Christophe Mianné, current deputy head of global banking and investor solutions at Societe Generale, take over as chairman. He was previously vice-chairman in an arrangement which saw Societe Generale and Credit Agricole alternating the leadership of the business
Breteau has resigned his position to seek other opportunities, according to Newedge and will be replaced by David Escoffier, who was previously deputy head of global market activities at Societe Generale Corporate and Investment Banking.
Guillaume, who was also COO, also resigned her position and is to be replaced by Societe Generale’s COO of its global banking and investor solutions division in the Asia Pacific region, Olivier Hartemann.
The change comes as Societe Generale announced it is looking to acquire Credit Agricole's 50% stake in Newedge.
Didier Valet, head of Societe Generale's global banking and investor solutions division, said the move would enable both firms to take advantage of synergies in execution and clearing services for both listed and OTC products.
Both Breteau and Guillaume will continue to work alongside the new CEO and COO as advisers for the next few months to manage the leadership transition.
Mianné said: “The Board would like to express its sincere gratitude to Nicolas Breteau and Françoise Guillaume for their lead in the transformation of Newedge in a difficult environment and for their commitment to its development."