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Report: SocGen launches formal search process for CEO's successor

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Report: SocGen launches formal search process for CEO's successor

Société Générale SA's supervisory board has begun the formal process of finding a successor to CEO Frédéric Oudéa, whose term will end in about three years, Bloomberg News reported, citing people with knowledge of the matter.

The French lender is said to be considering internal candidates beyond the group's three deputy CEOs, as well as external applicants, according to the report. SocGen will also work with management consultancy firm Egon Zehnder to shortlist potential replacements, one of the sources noted.

Oudéa, who is spearheading the Paris-based bank's cost-cutting and restructuring drive, was appointed for a new four-year term at the group's annual general meeting in May. He has served as CEO of the bank for more than 10 years.