French President Emmanuel Macron wishes to appoint the current financial director of Groupe ADP, Philippe Pascal, to the position of chief executive officer (CEO), replacing Augustin de Romanet, the Elysée announced on Monday January 20.
The National Assembly and the Senate will have to validate his candidacy to head the manager of the Paris airports of Charles-de-Gaulle, Orly and Bourget, 50.6% owned by the State. Philippe Pascal will be heard by both houses of Parliament. His appointment must finally be approved by the Council of Ministers.
This choice was anticipated. The economic investigation site The Informed already affirmed, at the beginning of January, that an agreement had been reached between the Elysée and Matignon on the name of Philippe Pascal. Two other candidates had come forward, according to the site: the former financial director of Veolia Claude Laruelle and the CEO of TechnicAtome, Loïc Rocard.
Mr. Pascal, 53, is a senior civil servant specializing in taxation having climbed the ranks within the management of Paris airports for twelve years. He has held his current position since 2016, alongside Mr. Romanet and former managing director Edward Arkwright, who became managing director of real estate developer Altarea at the beginning of January.
Faced with significant decarbonization investments
In March, the government announced that Mr. Romanet, who had said he ” available “ for a new mandate, would be retained in his functions until the Olympic and Paralympic Games in Paris but not renewed beyond that.
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Augustin de Romanet, 63, then agreed to extend his own temporary “a few days” at the beginning of 2025 until a successor is found, according to a source close to the company with 28,000 employees and 336 million passengers welcomed in 2023.
-Groupe ADP, after having long been the darling of the stock market thanks to its very strong profitability, suffered a hard blow with the outbreak of Covid-19 in 2020, only returning to profits in 2022 after two fiscal years. losses that left him in debt.
Mentioned in 2019, privatization has not been on the agenda since this crisis. Groupe ADP's share price has not recovered from the pandemic, currently trading at around 110 euros, compared to 175 euros at the start of 2020, while the airline sector faces significant decarbonization investments.
Under MM. Graff then Romanet, Groupe ADP has developed its holdings and concessions abroad, today directly or indirectly managing 26 airport installations, particularly in Turkey and India, two dynamic markets.
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