CLERMONT-FERRAND, France (May 13, 2011)—During Michelin's annual meeting, shareholders today elected Jean-Dominique Senard managing general partner for the coming four years.
At the same time, the company confirmed current managing partner Michel Rollier will continue in that role for the next few years to allow a smooth transition to Senard. Rollier had told the company in February of his desire to retire before the end of his current term.
Shareholders also approved adjustments to the group's succession process, limiting the term of the managing partners to four years, renewable and revocable while at the same strengthening the supervisory board's powers by empowering the members to assess the quality of the managing partners' management.
Shareholders also authorized a share buyback program at a maximum purchase price per share of about $140 and a reduction in the share capital by cancelling the shares purchased under the program.