Christophe Mianné (pictured), one of Societe Generale's (SG) most senior executives and an emblematic figure in equity derivatives is parting ways with the French bank after more than two decades of service. Mianné will be leaving the group on March 24 to pursue other opportunities outside the bank. Mianné has been chairman of the board and deputy head of global banking and investor solutions at SG since 2013, after being part of the team set up by Jean-Pierre Mustier in the late 1980s to develop equity derivatives at the French bank.
Mianné took over as global head of the bank's corporate and investment banking equity derivatives, before being promoted to head of the bank's corporate and investment banking global markets and then head of global markets with responsibility for global equities and derivative solutions, fixed income, currencies and commodities. He was pivotal, particularly in the areas of risk management and financial engineering. Mianné was then promoted to deputy chief executive of SG CIB, and deputy head of corporate investment banking, private banking, asset management and securities services. He was a member of the bank's group management committee and also the chairman of the board of Lyxor Asset Management.
Mianné's departure follows the appointment of Didier Valet, former head of global banking & investor solutions, as one of the bank's deputy chief executive officers while keeping direct control of the securities division. The French bank has not appointed a replacement for Mianné.
Valet, a former analyst, replaced Frederic Oudéa as chief financial officer, when the latter became chief executive officer. On January 13, 2017, Oudéa and the bank's board of directors decided to enlarge the general management team with the appointment of Valet as deputy chief executive officer.
Valet retained his role as head of SG's investment-banking unit with Oudéa as chief executive officer. In addition, Séverin Cabannes was appointed deputy chief executive officer. The bank's finance, risk, and resources departments report to Cabannes, as well as the compliance department.
The changes in the general management team also saw Bernardo Sanchez Incera promoted to deputy chief executive officer for French and international retail banking, financial services, and insurance.
The management reshuffle was the 'first step toward a new, more agile mode of governance for the Group', said Oudéa in a statement. 'The first objective will be to define very quickly the organisation and governance that are best suited to the Group's strategic ambitions and transformation challenges,' said Oudéa.
Under Oudéa's leadership, the bank has had a number of senior departures from its trading businesses in the last year, including Maxime Kahn and Gregory Salon, co-heads of trading equities and equity derivatives for Europe, and Daniel Fields, head of global markets former head of global markets, who was replaced by Frank Drouet in April 2016.
The French bank's restructuring of its markets activities also resulted in the appointment of Yann Garnier as head of global markets in Asia Pacific. Garnier replaced Drouet. Based in Hong Kong, Garnier reports to Drouet as well as locally to Hikaru Ogata, chief executive officer of SG global banking & investor solutions in Asia Pacific. In addition, Marc El Asmar former deputy head of equities and derivatives and global head of sales of equity derivatives and cross asset, was appointed head of sales for global markets, taking over from David Escoffier, who decided to leave the French bank. El Asmar is based in London and reports to Drouet.
Related stories:
SG reshuffles global markets, creates EQD business line
EQD heavyweights to run Newedge brokerage, CA moves on Newedge