Florent Menegaux and Yves Chapot will remain at the helm at Michelin for a further four years. The Société Auxiliaire de Gestion (SAGES), under the chairmanship of Vincent Montagne and in its capacity as a non-managing general partner of the Compagnie Générale des Établissements Michelin (CGEM), has decided to renew the mandates of Menegaux as a Managing General Partner and of Chapot as a General Manager.
Groupe Michelin’s Capital Markets Day presentation, conducted via webcast on 8 April, set out its agenda for the next decade, putting its plans in front of leading global banks and financial firms. Circling around a central theme of sustainability, the group executive committee, led by managing chairman Florent Menegaux and general manager and chief financial officer Yves Chapot, showed how Michelin intends to “diversify while strengthening” in order to achieve its key economic and ecological targets. Chapot and Menegaux stated that expanding “non-tyre revenue” up to more than one-fifth of the group’s turnover by 2030 would make the group more agile and robust in the face of future crises. The current global health crisis has been instructive in this regard; the committee credited the development of the group’s non-tyre portfolio with assisting in its resilience over the difficulties of 2020, and now intends to continue the acceleration of its diversification. Its digital and materials innovations will simultaneously “deliver new growth,” while contributing to the overall strength of the group: a leitmotif of the committee’s presentation.
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.
A new joint venture has been set up between Michelin and industrial products distributor CFAO for importing and distributing premium and quality segment tyres into Kenya and Uganda. CFAO holds a 51 per cent share in the new entity and Michelin the remaining 49 per cent. The joint venture’s governance is equally divided between CFAO and Michelin.
The Michelin Group has purchased a 20 per cent share in German automotive services provider A.T.U. (Auto-Teile-Unger). The minority stake was acquired from French automotive maintenance and repair services group Mobivia Groupe for 60 million euros; following the acquisition, Mobivia and Michelin intend to combine their expertise in order to further develop A.T.U. in Germany, Austria and Switzerland.