By Elena Vardon
Credit Agricole appointed company veteran Olivier Gavalda as its next chief executive to replace Philippe Brassac, who will step down after a decade at the helm.
The French bank said late Tuesday that Gavalda will take up the role after the shareholder meeting on May 14. The transition within the general management will be organized in the coming months, it added.
Gavalda joined the group in 1988 and has held various positions across the network of the bank, which is made up of 39 regional entities.
He has been deputy CEO in charge of universal bank since late 2022.
Brassac, who also spent his whole career at the bank and became CEO in 2015, has reached the age limit to hold the role, according to Credit Agricole's rules.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
December 18, 2024 01:19 ET (06:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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