Total shares fall after boss dies in crash
French group Total CEO Christophe de Margerie attending a session in Davos, Switzerland on January 25, 2014. As Total reeled from the sudden death of Margerie, the French oil giant faced the pressing question on October 22, 2014 would fill the void left by Christophe de Margerie, who did not designate a successor. FILE PHOTO | AFP
What you need to know:
- De Margerie — killed late Monday when his private jet struck a snowplough on takeoff in Moscow — had previously suggested his replacement would come from inside the oil giant, in company tradition.
- The French oil giant insisted on Wednesday it was prepared to deal with events after De Margerie’s death.
PARIS
As Total reeled from the sudden death of its chief executive, the French oil giant faced the pressing question on Wednesday of who would fill the void left by Christophe de Margerie, who did not designate a successor.
De Margerie — killed late Monday when his private jet struck a snowplough on takeoff in Moscow — had previously suggested his replacement would come from inside the oil giant, in company tradition.
“In Total culture, it will be someone from the group. I will do what is necessary so that, when the time comes, the board can choose and announce the name of my successor,” the 63-year-old said in a May interview.
He had once said he was in favour of a “smooth transition” but had never designated a successor.
The French oil giant insisted on Wednesday it was prepared to deal with events after De Margerie’s death.
“The group is set up to ensure the proper continuity of its governance and its activities, to deal with this tragic event,” Total Secretary-General Jean-Jacques Guilbaud told reporters at the group’s Paris headquarters.
PROSPECTIVE CEOs
De Margerie was himself hand-picked by predecessor Thierry Desmarest in 2006 to take over as chief executive a year later. In 2010 he was also appointed chairman of the company he had worked for for 40 years.
Shortly after his sudden death, Total announced its board of directors would meet “as soon as possible”.
Two names regularly crop up when succession is mentioned at Total, the biggest company in France by revenue, or second-biggest by stock market value.
They are Patrick Pouyanne, head of refining and chemicals, and Philippe Boisseau, head of marketing and services and new energies.
Both men have held various positions in French government ministries, and were tipped as possible successors when appointed to the executive committee in 2012.
“I am not concerned, there are people lower down who are competent even if they don’t have (De Margerie’s) charm,” said Francois Pelegrina of the CFDT trade union.
