I remain at the head of the group he said

It is a new sign of cultural upheaval in Michelin. For the first time in fifty-five years, the tyre giant will soon be led by a man outside the family, with the appointment announced Friday, Jean-Dominique Senard. In addition, the group will evolve its governance to the closer to that of other large enterprises. "I will have sixty-seven years at the end of the year." "Rule fixing my departure to 2017 was not reasonable," explained Michel Rollier, the current Manager, which will gradually pass the relay. "I remain at the head of the group", he said. He will retain his duties again "18 to 24 months, but no more."

One hundred and twenty year history, Michelin has always headed by a member of the founding family, except for some fifteen years, from 1940 to 1955. If it is not the surname, Michel Rollier is a distant cousin and his father had been Manager of the manufacturer. Jean-Dominique Senard will be appointed as managing general partner in may, at the General Assembly. Will it be responsible on his own property in the debts of the group. The parent is a société en commandite par actions, a poorly understood status of the Anglo-Saxons but which gives management more latitude in its management. It is led by three managers, one is sponsored. This passage of witness is accompanied by a change in the rules for appointment. The mandate of the future managers will now be limited to renewable four-year. So far, the mandate of the general partner Manager ran until the age of seventy-two years, while that of Manager non-sponsored was limited to five years renewable. When Edouard Michelin was appointed manager at the age of twenty-eight in 1991, it thus could remain forty-four years at the head of the group.

Michelin will also strengthen the role of the Supervisory Board, since it will approve the renewal and the remuneration of managers. These proposals will be submitted to the next General Assembly.

Entered in Michelin in 2005 as Chief Financial Officer and non-sponsored since 2007 Manager, Jean-Dominique Senard promises "a continuity strategy" Michelin. "There is no disruption." "I have experienced sudden movements in some of my old business, and I have learned lessons from all this," says this former Pechiney, who had to manage integration with the Canadian Alcan. Internally, it is considered as "someone who is melted in the Michelin culture." Its image with investors and analysts is more mixed, as a result of several warnings on results between 2005 and 2008.

According to him, the main issue in the coming years will be to manage "the magnitude of growth". The Group invests all-out in emerging countries in response to the explosion of these markets. "Going to have to lead this growth while now the internal, very strong cohesion in Michelin", he explains. Indeed, the tyre does not hide his desire to make an acquisition in Asia. "The consolidation will take place in Asian markets and we will be a player of this consolidation," assured. Net debt, reduced to 20 of the capital after capital increase last year, leaving financial room for manoeuvre. Michelin announced Friday of the results beyond expectations, bringing stock market ( 3.68). Turnover increased by 20.8 to EUR 17.9 billion, and net income came to EUR 1 billion, almost ten times higher than in 2009.