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Report: French government will not support another term for Engie CEO

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Report: French government will not support another term for Engie CEO

The French government does not plan on backing Engie SA CEO Isabelle Kocher for another term, Reuters reported Dec. 9.

Kocher, the first female executive to head a major French company, will reach the end of her tenure in May 2020. She took over the helm from Gerard Mestrallet in 2016, who became chairman of the company's board.

The government, which owns a 24% stake in Engie, is against another term due to disagreements over the sale of certain gas assets, Reuters said, citing French newspaper Les Echos. During her term as CEO, Kocher has plowed on with a divestment plan to distance the company from fossil fuels, but has opposed the sale of some gas assets, including storage unit Storengy SA.

Her role could be discussed at an Engie board meeting on Dec. 17, Reuters said.