Florent Menegaux has succeeded Jean-Dominique Senard as head of the Michelin Group. He officially took on the role of chief executive officer at the company’s 2019 Annual General Meeting, which was held last Friday.
Michelin Group reports a 9.3 per cent increase in sales (at constant exchange rates) to 5.8 billion euros in the first quarter of 2018, a result it says was achieved “in difficult markets.” The company also notes that these sales “reflect the major contribution” of its recent acquisitions, Camso and Fenner.
Jean-Dominique Senard, chief executive officer of the Michelin Group, became chairman of the Board of Directors of Renault effective 24 January 2019. According to the company, Senard’s acceptance comes with “the full backing of all participants in Michelin’s governance system”. He will continue to serve as Michelin Group CEO until his term expires in May 2019.
Five of Michelin’s best suppliers were recognised at the fourth edition of the tyre maker’s Supplier Awards, which was held yesterday at ‘Aventure Michelin’ in Clermont-Ferrand, France. The awards were presented to representatives of the winning companies by Jean-Dominique Senard, chief executive officer and managing general partner of the Michelin Group, and four members of the Group Executive Committee.
Amongst the companies recognised for exceptional contribution to the Michelin Group over the past years at a ceremony held yesterday evening at the museum Aventure Michelin in Clermont-Ferrand, France was VMI. Harm Voortman, VMI Group chief executive officer, received the award from Jean-Dominique Senard, chief executive of the Michelin Group.
Michelin has reported a 6.3 per cent year-on-year rise in net income for the first half of 2018. Net income of 917 million euros for the six months to 30 June 2018 represents earnings per share of 5.12 euros.
As of today, Michelin is the proud new owner of Canadian off-road tyre and track specialist Camso. The two parties have reached an agreement for the acquisition of Camso and the integration of its off-the-road operations with those of Michelin in order to form a new division that will be managed from Quebec. Michelin comments that this new entity will be the “world leader in OTR mobility.”
The sale of Fenner PLC to Michelin has been finalised following the deal’s approval by shareholders and relevant legal bodies earlier this month. Following delivery of the scheme of arrangement (under Part 26 of the United Kingdom’s Companies Act 2006) to the Registrar of Companies today, Fenner has become a wholly-owned subsidiary of Michelin. John Pratt, chief financial officer of Fenner, has been appointed Fenner’s new chief executive officer.
Following the election of Florent Menegaux as general managing partner and Yves Chapot as non-general managing partner at Michelin’s Annual Shareholders Meeting on 18 May, SAGES, Michelin’s non-managing general Partner, acted on the Michelin Supervisory Board’s recommendation and appointed Jean-Dominique Senard, general managing partner, as chief executive officer. Senard, who was first appointed chief executive officer of Michelin in 2012, will serve as chief executive officer until the end of his term as managing partner, which is the close of the Annual Shareholders Meeting called to approve the 2018 financial statements.
Attendees at the Michelin 2018 General Annual Meeting of Shareholders last Friday elected Florent Menegaux to the position of general managing partner and Yves Chapot as non-general managing partner. In each case, more than 99 per cent of voting shareholders voted in favour of the appointments.
Stating that such an acquisition would be “in perfect strategic alignment with its ambition to leverage its expertise in high-technology materials,” Michelin has announced its intention to purchase UK-based firm Fenner PLC.
Jean-Dominique Senard has confirmed he doesn’t wish to stand for re-election upon the expiry of his current term as Michelin’s chief executive officer. This means he will step down at the close of the tyre maker’s 2019 Annual Shareholders Meeting, and Michelin is implementing a succession plan that will see Florent Menegaux take his place.
At the end of this year, Pete Selleck’s six-year tenure as chairman and president of Michelin North America will come to an end, and the Michelin Group has named Scott Clark his successor. Clark begins in these roles on 1 January 2018. In addition, Joanie Martin also has been named chief administrative officer, a newly created role in the company.
Winter tyres have always been something of a non-issue with most British motorists, but for years our counterparts in Germany have diligently switched from summer to winter rubber every autumn and then back again in the spring. The head of Michelin considers this largely unnecessary.
During the first half of the year, Michelin increased both sales and net income on the back of higher volumes. Net sales were up 7.5 per cent to 11.1 billion euros in the six months to 30 June, and while operating income declined 0.8 per cent year-on-year to 1.4 billion euros (with the margin down 1.1 per cent to 12.6 per cent), the tyre maker described this result as “stable and in line with the Group’s roadmap.” Net income rose 12.2 per cent to 863 million euros.