PARIS—Michelin is extending the contracts of Florent Menegaux as managing general partner and Yves Chapot as general manager for four more years, through May 2026.
The decision, Michelin said, was taken with the unanimous agreement of the Michelin supervisory board, which met on July 23.
As a result, the leaders' terms in office will be renewed for four years from their scheduled expiration date at the end of the ordinary general meeting to be held May 13, 2022.
Therefore, the two leaders will hold office until the conclusion of Michelin's shareholders' meeting, to be held in the first half of 2026.
Menegaux and Chapot were applauded for their performance and are tasked to implement the "Michelin in motion" strategic plan, which was unveiled in April.
The sustainable strategy for 2030 will see the French group targeting sales growth of 5% a year and investing in new "non-tire growth territories."