Pineau-Valencienne, 73, is considered to be one of France’s leading industrialists, but has decided to step down days before Bull’s annual meeting which will vote on Bull’s crucial financial restructuring.
The future chairman is now expected to be Gervais Pellissier who holds the titles of chairman and chief executive, following the death of the previous head Pierre Bonelli.
There are conflicting reports of the reasons for the departure. Pineau-Valencienne said in a letter that an assignment given him by Bonelli to prepare a plan to recapitalize the company and reduce its debt had been completed.
All the appropriate steps to meet that goal have been taken or will be in the very near future. Under these conditions I consider that the mission I accepted from Pierre Bonelli … is today accomplished and it is now up to Bull’s old and new shareholders to take charge of the company, along with its management and staff.
However, there have been various rumors about fallings out on the board at Bull. French newspaper Les Echos reported that Pineau had serious disagreements with certain shareholders – France Telecom has been mentioned – and/or part of the management.
Besides France Telecom, which holds a 16.9% stake, Bull’s other shareholders are Motorola (16.9 %), NEC (16.9%), the French government (16.3%), employees (5.9%), and Dai Nippon Printing (5.3%).
