François Pérol

François Pérol's early departure and the rapid appointment of Laurent Mignon as his successor provoked internal criticism of an opaque and rushed procedure, with some executives describing it as being forced through. The acceleration particularly sought to prevent Mignon leaving for a competing bank.

State of the evidence

Documented

Attribution

Directly implicated

François Pérol's appointment as head of BPCE, after overseeing the merger of Banques populaires and Caisses d'épargne from the Élysée, triggered a revolving-door controversy and proceedings for illegal taking of interest. Acquitted at first instance, he was again acquitted by the Paris Court of Appeal on 30 June 2017.

Course of the proceedings

1. Formally charged — Formal charge before the current outcome

The Natixis reorganisation and BPCE's repurchase of cooperative investment certificates held by Natixis were followed by a sharp rise in the share price. The Financial Markets Authority opened an investigation into price movements and disclosures surrounding the transaction while François Pérol headed BPCE.

State of the evidence

Documented

Attribution

Directly implicated

For 2010, BPCE's supervisory board awarded François Pérol variable remuneration of slightly more than one million euros, bringing his total to approximately 1.6 million. The announcement renewed controversy over executive pay at banks recently supported by the state.

State of the evidence

Documented

Attribution

Directly implicated

The merger of Banques populaires and Caisses d'épargne, undertaken during the Natixis crisis with several billion euros in public support, was described by some observers and employee representatives as an imposed combination. Pérol's appointment and concerns about job losses intensified criticism.

State of the evidence

Documented