PARIS (Feb. 11, 2011)—Michel Rollier, managing general partner of Michelin since May 2005, has notified Michelin he does not wish to complete his term of office and is recommending the company's board nominate Jean-Dominique Senard, a managing partner since May 2007, to replace him.
Rollier's term, according to the firm's bylaws, was to last until he turns 72. He is 67.
“As the Group embarks on a new phase of dynamic growth, I wanted to prepare my succession,” Rollier said. “Working closely with Jean-Dominique over the past six years, I've come to appreciate his immense qualities, both as a person and as a business leader.
“If shareholders agree, I know that, when the time comes and after consulting with the supervisory board, I can pass him the baton in complete confidence. Jean-Dominique will then be able to lead the Group with the requisite skills and vision, in complete accordance with Michelin's values.”
Rollier also is suggesting Michelin modify its corporate governance procedures to limit the terms of managing terms to four years, renewable.
In addition, the role of the supervisory board would be expanded to include approving the election or removal of managing partners and to set their salaries.
After joining Michelin in 1996, Rollier primarily served as chief financial officer. Senard, 58, joined Michelin in 2005 as chief financial officer and a member of the executive committee.
Managing partners, who according to the bylaws must be individuals and not legal entities, are elected by shareholders, Michelin said. They can be either general partners, who have unlimited personal liability for Michelin's debts, or non-general partners.
Should the resolutions be adopted, the partnership would comprise Rollier and Senard, both managing general partners, and Didier Miraton, non-general managing partner.