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Philippe Petitcolin next Safran CEO

News International-French

11 Dec 2014

Safran’s Board of Directors appoints Philippe Petitcolin to succeed Jean-Paul Herteman as Chief Executive Officer and Ross McInnes as Chairman of the Board.

Safran’s Board of Directors met on December 5, 2014, following a months-long selection process led by its Nomination and Remuneration Committee, approving in principle the appointment of Philippe Petitcolin to succeed Jean-Paul Herteman as Chief Executive Officer of Safran after the Annual General Meeting of Shareholders on April 23, 2015. The Board also approved in principle the appointment of Ross McInnes as Chairman of the Board during the Board meeting which will follow the same Annual General Meeting.

Philippe Petitcolin, 62, holds a bachelor’s degree in mathematics. He started his career with Filotex (Alcatel-Alsthom group), then Chester Cable in the United States. In 1988, he joined the aeronautical systems division of Labinal, as managing director of this division in 1995. He was subsequently appointed managing director of Labinal’s Filtrauto division, also serving as general manager of the friction materials business following the purchase by Valeo. In 2001, he was named CEO of Labinal, which had become part of the Snecma group, and was later named Chairman and CEO of the company. At the end of 2006, he became Chairman and CEO of Snecma, Safran’s aircraft engine specialist, then President of Safran’s Defense and Security businesses, and Chairman and CEO of Sagem. On July 1, 2013, he was named Chairman and CEO of Morpho, retaining his position as Chairman of Sagem.

Philippe Petitcolin’s managerial expertise, long experience in industry and international credibility in these sectors are all major assets, which will help guide Safran as it seeks to meet unprecedented commitments as effectively as possible, especially the service entry of the LEAP and Silvercrest engines, and the rollout of other highly innovative products. Philippe Petitcolin will continue to foster and consolidate the confidence of customers and employees alike, along with financial markets. He will pursue the actions needed to expand Safran’s horizons, and further develop its global positions by capitalizing on the exceptional success of its current products and partnerships.

Ross McInnes, 60, graduated from the University of Oxford. He started his career with the bank Kleinwort Benson, then joined Continental Bank as part of the corporate finance team. In 1989, he moved to the industrial sector, being named Chief Financial Officer of Ferruzzi Corporation of America, then held the same position with Eridania Beghin-Say. Mr. McInnes joined Thomson-CSF (now Thales) in 2000 as Senior Vice President and CFO. He subsequently joined the PPR group as Senior Vice President for Finance and Strategy, before being named to the Supervisory Board of Générale de Santé. On request from this board, he served as interim chairman of the company’s Management Board from March to June 2007. He was then named Vice Chairman of Macquarie Capital Europe, a company specialized in infrastructure investments. Ross McInnes joined Safran in March 2009, and was named Executive Vice President, Economic and Financial Affairs in 2011.

Ross McInnes’s long-standing international status and experience in corporate governance will be an asset for Safran.

Jean-Paul Herteman, who will retain his position until the Annual General Meeting on April 23, 2015, and the Safran Board of Directors are delighted that this collegial decision will ensure that Safran will continue to pursue its extraordinary development, which benefits all stakeholders, including employees, customers, shareholders and partners.

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