Valeo: no opening of parachute for Morin, according to Chatel

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American Financial - The fall may be as brutal as painful. Judge for yourself. While according to the newspaper Liberation, the former CEO of Valeo, Thierry Morin, would have "expected" to fly the group with a superb golden parachute, the French shareholder Valeo no one hears do so.

Luc Chatel has said that the government will oppose in the general meeting of shareholders. The State seemingly enjoy in moderation modalities offered starting with the former leader, then he can save himself the labor portfolio in order to give a whopping 19 million euros of aid via the Strategic Investment Fund (ISF).

The purpose of discord? Liberation reports that Thierry Morin should leave the company with 3.2 million. A tidy sum for a Monday departure due to "strategic differences". The board of the group decided Friday in conjunction with the appointment of Jacques Aschenbroich as general manager.

"The state has supported this company and I find it shocking that in the present context, we establish this type of remuneration", said the government spokesman on Europe 1. While calling Mr. Morin to "face its responsibilities".

The severance package of former CEO is set at two years of fixed and variable remuneration calculated on the average earnings for the three financial years preceding his departure recalls Liberation.

Beyond the "shocking" of the thing, as little term legal and financial, remember that this is the state capital of Valeo at 8% through the Deposit and the funds to modernize equipment ". This allows to Luc Chatel to indicate that the government would oppose - quite legally - to pay the golden parachute to the general meeting of shareholders.

Since the law of modernization of the economy (LME), this kind of golden parachute should be validated by the general meeting of shareholders, is indeed to recall the government spokesman.

Faced with the global crisis of the automobile, the second French manufacturer in 2008 recorded a net loss of 207 million euros after a fall of 26.6% of its turnover in the fourth quarter. Faced with these difficulties, Thierry Morin decided last February to turn to the Strategic Investment Fund (ISF), set up by the government to support strategic enterprises face the crisis.

Held by the Caisse des Dépôts et Consignations and the state, the ISP has disbursed 18.7 million to acquire 2.35% stake in Valeo. This share is in addition to 5.98% held by Caisse des Dépôts to represent a total capital of 8.3% and 10.5% of voting rights.

Note also that Thierry Morin had dismissed in early March, the possibility to renegotiate the plan announced in December 5000 which provides for abolition of posts in the world at 54,000, including about 1,600 in France and 1,800 in other European countries. Mid-February, however he had to drop the "significant" part of his remuneration, at 1.1 million against more than 1.5 million received in 2007.