Governance evolution – Bernardo Sanchez Incera appointed Chairman of the Board of Directors
Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. (Arch) - (NASDAQ: ACGL) - in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.
The transaction between Natixis and Arch for the sale of a stake in Coface's capital, which was announced on 25 February 2020, has received all the necessary approvals for its closing. As a result, Arch now holds 44.8m shares of Coface, representing 29.5% of the company's capital.
In accordance with the statements made when the agreement was announced, all the directors representing Natixis have resigned. The Board then co-opted four directors presented by Arch as well as Bernardo Sanchez Incera, who was then appointed Chairman of the Board.
As of today, Coface's Board of Directors has therefore 10 members, 4 women and 6 men, the majority (6) of whom are independent directors. Coface’s general management wants to thank Natixis and BPCE board members for their personal involvement and their contribution to Coface’s governance over the past years.
The Board of Directors reaffirmed its confidence in the management team and the relevance of the Build to Lead strategic plan.
Bernardo Sanchez Incera, Chairman of Coface, declared:
“First of all, I would like to thank Coface's Board of Directors for the trust they have placed in me. In this very unusual period, I have a total confidence in the ability of all the Coface teams, under the leadership of Xavier Durand, to continue implementing the Build to Lead strategic plan. I am also pleased to welcome the representatives of Arch Capital Group."
Marc Grandisson, Chief Executive Officer of Arch Capital Group Ltd., for its part declared:
“Our investment in Coface shows our confidence in the group's strategy and its team. 2020 has demonstrated the strategic importance of credit insurance for inter-company trade. We are delighted to accompany Coface in its future development.”
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