PARIS, March 30 (Reuters) - Eramet’s board on Tuesday backed a new term for Chief Executive Christel Bories during which her combined CEO and chairwoman role would be split, the French mining group said, in a compromise after tensions between its top shareholders.
Eramet’s board unanimously agreed on Tuesday to propose to the group’s shareholder meeting in May that Bories be renewed for a second four-year term, it said in a statement.
Her current combined role of CEO and Chair, however, would be separated before the end of her next term, it said, without giving a precise timing or further details.
It also nominated Francois Corbin, an executive at French tyre maker Michelin, as a lead director for the board.
Bories’ future had been cast into doubt when it emerged this month that the company’s largest shareholder, the Duval family, had written to state shareholding body APE, Eramet’s second-largest shareholder, to suggest replacing her.
APE, which is tied to the Duvals in a shareholder pact, rejected the idea. Like investors and staff, it supports Bories’ record in shifting Eramet towards minerals for electric vehicles and reviewing struggling activities including alloys maker Aubert & Duval (A&D). (Reporting by Gus Trompiz Editing by Alexandra Hudson)