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SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit

By Jason Farago,  Newser Staff

Posted Apr 29, 2009 7:08 AM CDT
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(Newser) – The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the bank for its handling of executive pay packages. In a statement, Bouton blamed the "repeated attacks against me personally" for his decision to go.

Bouton had originally served as joint CEO and chairman of SocGen, but he relinquished his CEO role in the wake of the trading scandal. Analysts said that his full resignation had been expected. "I don't think it has anything to do with the bank's financial performance. It was due to the political pressure," said one.

Daniel Bouton said Wednesday April 29, 2009 he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.
Daniel Bouton said Wednesday April 29, 2009 he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.   (AP Photo/Jacques Brinon, File)
Daniel Bouton said Wednesday April 29, 2009 he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.
Daniel Bouton said Wednesday April 29, 2009 he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.   (AP Photo/Jacques Brinon, File)
Societe Generale bank employees stand outside the bank headquarters in a show of support for Daniel Bouton, Wednesday Jan. 30, 2008 in La Defense, outside Paris.
Societe Generale bank employees stand outside the bank headquarters in a show of support for Daniel Bouton, Wednesday Jan. 30, 2008 in La Defense, outside Paris.   (AP Photo/Thibault Camus)
This March 18, 2008 file photo shows Jerome Kerviel, accused of causing massive losses at French bank Societe Generale, waving as he leaves a Paris prison.
This March 18, 2008 file photo shows Jerome Kerviel, accused of causing massive losses at French bank Societe Generale, waving as he leaves a Paris prison.   (AP Photo/Christophe Ena, file)
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Bouton's belated departure
Financial Times (UK)

 
France • resignation • bank • Daniel Bouton • Societe Generale • Jerome Kerviel

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