UPDATE: French PM: Government Backs Veolia's Proglio As New EDF CEO
September 27 2009 - 7:15PM
Dow Jones News
The French government backs Veolia Environnement SA (VE) Chief
Executive Henri Proglio to become the new head of state-controlled
utility giant Electricite de France SA (EDF.FR), the prime
minister's office said late Sunday.
The announcement follows a meeting of EDF's board, at which
current CEO Pierre Gadonneix' wasn't nominated to remain as a
director.
The French state owns 85% of EDF.
Gadonneix' current term at the head of EDF expires Nov. 22.
Proglio already has a seat on the board of EDF, and there are
already links between the two companies. There has been much
speculation that Proglio will want to strengthen ties between EDF
and Veolia.
Already, Veolia owns 66% of the energy-services company Dalkia,
with EDF owning the remainder. EDF itself has a 3.9% stake in
Veolia.
One scenario for closer ties, much-discussed as Proglio emerged
as favorite to take the EDF hot-seat, is that EDF would swap its
stake in Dalkia for a bigger share of Veolia.
Closer cooperation between the worlds largest generator of
low-carbon nuclear power, and its largest environmental services
company, could also chime with French President Nicolas Sarkozy's
wish for France to be at the vanguard of the green economy. As
Veolia CEO, Proglio presided over an expansion of the company,
attracting some criticism as its debt pile grew.
And after profit warnings last year, many said the company had
mismanaged market expectations. More recently, however, Proglio
appeared to tighten the ship, and began an asset disposal program
to generate cash.
Beyond Veolia, Proglio has contacts across the French
establishment.
When Nicolas Sarkozy won the presidency in 2007, Proglio was
among guests at a celebratory dinner at Fouquet's restaurant in
Paris. Last week, meanwhile, Finance Minister Christine Lagarde
called him a "great industrialist" and said she has a friendly
relationship with him.
Proglio's brother, Rene, heads Morgan Stanley's France
office.
Veolias CEO also is widely seen to be competent at dealing with
unions. At EDF, a former state power monopoly, union influence
remains especially strong.
Indeed, Proglio can expect a change of culture in joining EDF.
Unlike Veolia, EDF is a state-controlled company and the French
state is the ultimate arbiter of all big decisions.
EDF is the world's largest nuclear utility and is essential to
President Nicolas Sarkozy's strategy of promoting French nuclear
expertise around the world.
As well as balancing the company's interest with that of the
state, Proglio can expect to find a number of challenging files in
his inbox. These include finalizing the company's purchase of
nuclear assets in the U.S., and then navigating regulatory hurdles
to build nuclear power plants there.
The company also is in the midst of an asset disposal plan,
which will require Proglio to weigh-in on a wide range of potential
deals. Then there is the prospect of a major overhaul of
power-market regulation in France, in which EDF looks set to have
to yield ground to competitors in its home market.
Unlike Proglio, Gadonneix wouldn't have been able to stay on for
a full mandate, as the company's regulations limit the CEO's age to
68.
And Gadonneix' recent call for a 20% rise in state-regulated
tariffs over the next few years, which provoked rebukes from the
government, appears to have hindered his chances of staying on for
another year or two.
According to French Les Echos newspaper, Veolia's board will
meet Monday to discuss the succession to Proglio. Antoine Frerot,
the head of the company's water division - its largest - has widely
been tipped as the favorite to take the reins of the company and
there has been much speculation that Proglio will retain a role at
Veolia.
-By Adam Mitchell, Dow Jones Newswires, +33 1 40171756;
adam.mitchell@dowjones.com