June 2017

Change in the composition of the Executive Board

Plaisir, June 6, 2017 – At its meeting of April 27, 2017, the Supervisory Board asked Olivier Zarrouati, who placed his mandate as Chairman of the Executive Board at the disposal of the Supervisory Board, to remain in his position in order to conclude the talks in progress with Safran. Those discussions resulted in the merger agreement signed by the two companies on May 24, 2017.
 
As a result, at its meeting of June 5, 2017, the Supervisory Board, chaired by Didier Domange, terminated the position of Olivier Zarrouati as member and Chairman of the Executive Board; he will leave the Executive Board on June 15, 2017. At that time, the Supervisory Board praised the work accomplished by Olivier Zarrouati for more than ten years, which contributed to the transformation and growth of the company, making Zodiac Aerospace one of the world leaders in its sector, as well as his crucial role in the long negotiations on the proposed merger with Safran.
 
The Supervisory Board decided to appoint Yann Delabrière as member and Chairman of the Executive Board of Zodiac Aerospace, effective June 16, 2017, to replace Olivier Zarrouati for the time remaining in his term of office. Mr. Delabrière agreed on April 27, 2017 to assist the Board in responding to certain operational questions facing the Group and this appointment ends his assistance mission.
 
Lastly, the Supervisory Board named Didier Fontaine, the current Administration and Finance Director of Zodiac Aerospace, to the Executive Board to replace Benoît Ribadeau-Dumas, effective as of this date for the time remaining in his term. Benoît Ribadeau-Dumas was called to serve as chief-of-staff for the French Prime Minister on May 16, 2017. Didier Fontaine joined the Group on September 19, 2016 and was named Administration and Finance Director on October 24th, 2016.
 
Mr. Maurice Pinault, who is also thanked for his significant contribution to the positive conclusion of the talks with Safran, remains a member of the Executive Board.
 
As of June 16, 2017, the Executive Board will be composed of Mr. Yann Delabrière, Chairman, Mr. Maurice Pinault and Mr. Didier Fontaine, members.
 
The financial terms set in the context of Mr. Zarrouati’s departure will be decided at the next meeting of the Supervisory Board to be held no later than the effective date of his departure.

 

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