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- Peter Brabeck-Letmathe is appointed Vice-Chairman of the Board of Directors and Lead Independent Director.
- Two new independent directors will be proposed to the next Annual General Meeting, raising the proportion of independent directors on the Board to 60%.
- One of the new Board members would be nominated by Bpifrance, which currently holds 8.21% of VusionGroup’s shares.
To reflect the strong international growth VusionGroup experienced in the past years, the evolution of its capital structure over the last 18 months, and as a continuation of the changes put in place at year-end 2022, the Board of Directors of the Group will propose two new independent non-executive directors (as defined by the Afep-Medef Code) to the next Annual General meeting of shareholders, scheduled to be held on June 19th. This will raise the total number of Board members to ten, of which six will qualify as independent.
Among the new Board members to be proposed, one would represent Bpifrance’s LAC1 investment fund, which currently holds approximately 8.21% of VusionGroup’s equity.
Additionally, the Board of Directors has designated Peter Brabeck-Letmathe as Vice-Chairman of the Board, and Lead Independent Director of VusionGroup. Mr. Brabeck-Letmathe has also been named Chairman of the new Strategy and ESG committee of the Board of Directors, made up exclusively of independent directors.
Thierry Gadou, Chairman and CEO of VusionGroup commented: “Following the changes made to our governance at year-end 2022, we are taking this important new step in permanently adapting our Board of Directors to reflect our capital structure and the strong international expansion of our business. I would like to express my warm gratitude to Peter Brabeck-Letmathe for having accepted to become even more involved in the work of our Board and to thus contribute his vast knowledge and unique experience in global business in general, and in the consumer goods industry in particular. I am very proud to have him as a member of our Board, and I am also proud to work with recognized leaders such as Hélène Ploix, Candace Johnson, Franck Moison, and George Yao. Their stature in the business world and their expertise are valuable assets for our company as it pursues its wide-reaching global development. I am also very pleased for the opportunity to nominate two new independent non-executive directors at our next Annual General Meeting of shareholders, one of which will represent Bpifrance.”
Peter Brabeck-Letmathe concludes: “I am delighted to contribute even more actively to the governance and the growth of a unique company, at the heart of the digitalization of physical commerce, as part of the Board of Directors and its Strategy & ESG committee, to deliver its Vusion ’27 strategic plan .”
