Jan 21 (Reuters) - Soitec's plan to appoint a new
CEO has the "full support" of its main shareholders, the French
semiconductor company said on Friday, after its executive
committee questioned the decision.
Following Pierre Barnabé's appointment as CEO on Wednesday,
the executive committee sent a letter to the board of directors,
seen by Reuters, describing the move as "incomprehensible" given
the progress made by current CEO Paul Boudre.
"The chosen successor of Paul Boudre, Pierre Barnabé, has
the necessary skills and experience to lead Soitec as Chief
Executive Officer for the next phase of growth towards our
ambitious objectives," the group responded in a press release.
"The process, which began in March 2021, was conducted in
complete conformity with best-practice governance standards and
with the full support of Soitecs main shareholders," it added.
A spokeswoman for Bpifrance, French state shareholder with a
10.35% stake, declined to comment on Friday, but referred to
comments the day before by its chief executive in a interview
with BFM Business.
In that interview, CEO Nicolas Dufourcq expressed surprise
at the executive committee's reaction and said the process was
conducted in a "completely normal" way.
Paris-listed shares in Soitec were up 1% at 0930 GMT, after
plunging as much as 19% on Thursday, their worst day since
December 2014.
Soitec's three others main shareholders, each with stakes of
about 10%, are National Silicon Industry Group,
BlackRock Financial Management and CEA Investment, according to
Refinitiv data.
Barnabé, who is senior EVP, Group Security Officer and
Global Head of Big Data and Cybersecurity at Atos, is
due to join the company on May 1 and take over as CEO at the end
of the July 2022 shareholders' meeting.
Chairman Eric Meurice and CEO Boudre "are committed to
working together to ensure a smooth leadership transition
enabling successful execution of Soitec's 2026 strategic plan,"
the group said.
(Reporting by Kate Entringer in Gdansk
Additional reporting by Blandine Hénault in Paris
Editing by Mark Potter)