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Groupe SEB announces a change in its corporate governance effective July 1, 2022

Groupe SEB’s Board of Directors met today, on February 10, 2022, under the chairmanship of Thierry de La Tour d’Artaise.
Following his proposal and the recommendation of the Governance and Remuneration Committee, the Board decided to separate the Chairman and Chief Executive Officer positions.

The Board decided that Thierry de La Tour d’Artaise shall remain in his position as Chairman of the Board of Directors, a role he has fulfilled since 2000. The Board also agreed to appoint Stanislas de Gramont to the position of Chief Executive Officer, effective July 1, 2022. 

The Board of Directors is pleased to continue working with Thierry de La Tour d’Artaise as Chairman. The Board would like to thank him sincerely for his 28 years of service to Groupe SEB, including his 22 years as Chairman and Chief Executive Officer. Under his leadership, the Group has more than quadrupled its revenue, reporting a sixfold increase in its operating profit. During this time, Groupe SEB completed 18 acquisitions—notably Moulinex, SUPOR and WMF—while staying true to the values of the Group and its founding family.

portrait photos of Thierry de La Tour d'Artaise on the right and Stanislas de Gramont on the right and photo of the Groupe SEB world headquarters in Ecully

The Board would also like to single out the major transformations successfully led by Thierry de La Tour d’Artaise enabling Groupe SEB to adapt and meet multiple economic, business, societal and environmental challenges. In his term of office, the Group has focused on its innovation capabilities, its international expansion and the preservation of top-performing manufacturing facilities, particularly in France.

The Board of Directors is convinced that the proposed change will guarantee the long-term performance of Groupe SEB as well as its values, commitments and corporate governance. 

This dual governance, which is relying on the relationship of trust established between Thierry de La Tour d’Artaise and Stanislas de Gramont, will enable the Group to combine long term vision with operational excellence.

Both the Board of Directors and Stanislas de Gramont will benefit from the successful experience and recognized expertise of Thierry de La Tour d’Artaise. 

The Board of Directors will also count on his knowledge of the Group’s shareholder structure and his expertise in corporate governance to meet growing stakeholder expectations, coupled with his experience in acquisitions and his vision for sustainable development.

Stanislas de Gramont, whose responsibilities have regularly increased as part of the dynamic duo he has formed with Thierry de La Tour d'Artaise since joining the Group, will harness his full potential by becoming the Group's Chief Executive Officer. 

Stanislas de Gramont joined Groupe SEB in 2018 as Chief Operating Officer after heading up Suntory’s Beverage & Food Europe business. Prior to this, he had spent most of his career at Danone Group in various countries and divisions.

Jean-Noël Labroue, Chairman of the Governance and Remuneration Committee and Independent Director, commented:

For a long time, our Committee has focused its efforts on the corporate governance of Groupe SEB. To this end, we have adopted a forward-looking and challenging approach, factoring in the dynamic duo formed by the Chairman & Chief Executive Officer and Chief Operating Officer and the cornerstone issues facing the Group in the years ahead. For this reason, on the recommendation of Thierry de La Tour d’Artaise, both the Committee and the Board of Directors considered that Stanislas de Gramont has illustrated all of the required qualities to become the Group’s Chief Executive Officer.

Thierry de La Tour d’Artaise, Chairman and Chief Executive Officer of Groupe SEB, commented:

I am proud of our offensive and ambitious strategy, which has established the Group as a world leader. Groupe SEB is a key player in sustainable development, guided by a long-term vision, and a passion for innovation.

I would like to thank all of our employees for their dedication and commitment as well as our Board of Directors and our family shareholders’ agreement. Through their unwavering support, we have been able to grow our businesses with agility while upholding our core values and delivering sustainable performance, which exemplifies our Group as a whole.

These changes in corporate governance have been made in a spirit of continuity to which Groupe SEB and its family shareholders’ agreement have always been committed. 

As Chief Operating Officer, Stanislas de Gramont has played a pivotal role for more than three years working alongside me, particularly throughout the health crisis that we are navigating. Stanislas has gradually taken on more responsibilities and now has all the required qualities to become the Group’s Chief Executive Officer. 
Stanislas has my full confidence as well as that of the Board.

I am and will forever remain passionate about our Group. As Chairman, it will give me great pleasure to continue serving Groupe SEB and step up our ambition to achieve economic and financial performance and to lead by example, both environmentally and socially.

Stanislas de Gramont, Chief Operating Officer of Groupe SEB, commented:

Over the last two decades, as in 2021, Groupe SEB’s performance reflects the incredible dedication of our teams across the globe as well as the relevance of our business model.

It is a privilege to have been appointed the Group’s Chief Executive Officer by the Board, and I would like to thank them for entrusting me with this position. 

I would also like to thank and commend Thierry, with whom I have been working for more than three years. Thierry has single-handedly assumed the leadership of Groupe SEB, spearheading the significant transformation benefitting the Group as of today. Thierry has provided me with a platform to develop a dynamic duo alongside him, the results of which can now be measured. 

I am now in a position to take up this new role with confidence and enthusiasm, thanks to the quality and commitment of our dedicated teams worldwide, bolstered by our robust business model and our potential in terms of growth and profitability.