Laurent Burelle succeeds to Jean Burelle as Chairman and Chief Executive Officer of Burelle SA

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-  19 December 2018

Laurent Burelle succeeds to Jean Burelle as Chairman and Chief Executive Officer of Burelle SA

In its meeting today, the Board of Directors of Burelle SA, the holding company leading and controlling the Burelle Group, accepted Jean Burelle's resignation from his position as Chairman and Chief Executive Officer under the provisions contained in the bylaws relating to the age limit. The Board unanimously decided to appoint Laurent Burelle as Chairman and Chief Executive Officer of Burelle SA, effective January 1st, 2019. Laurent Burelle retains his positions as Chairman and Chief Executive Officer of Compagnie Plastic Omnium, Burelle SA's main subsidiary.

The Board of Directors thanked Jean Burelle for his decisive contribution to the Group's development over more than 50 years, and in particular to the internationalization of Compagnie Plastic Omnium, a capital movement that enabled a French company to become the world leader in its activities, while retaining control by the founding family.

In passing on the chairmanship of Burelle SA to Laurent Burelle, Jean Burelle continues the family tradition, having himself succeeding to Pierre Burelle, the Group's founder, as Chairman and CEO of Compagnie Plastic Omnium in 1987, and then as Chairman and CEO of Burelle SA in 2001. From 1987 to 2001, Compagnie Plastic Omnium's expansion was important, increasing from €172 million in revenue and 2,000 employees to €1.6 billion in revenue and 9,000 employees in 2001.

Underlining the pertinence of Jean Burelle's strategic vision, and in light of these circumstances, the Board of Directors has decided, with the favorable opinion of the Compensation Committee, to award exceptional compensation to Jean Burelle in respect of the positions he held, based on his compensation for the year 2018. The amount of this exceptional compensation will be set by the Board of Directors in March 2019, and will then be submitted for a vote to the Shareholders’ Meeting.

The Board of Directors also applauded the decision to continue the family control by welcoming Laurent Burelle as Chairman and Chief Executive Officer of Burelle SA. Laurent Burelle, who joined the Plastic Omnium Group in 1975, became the Group's Chief Executive Officer in 1987, and then Chairman and Chief Executive Officer in 2001.

Under his chairmanship, Compagnie Plastic Omnium continued its development to reach revenue of nearly €9 billion in 2018, pursuing internationalization that now stretches globally across all continents: Europe, North and South America, Asia, and China in particular. Today, the Group is the 26th largest automotive supplier in the world, present in 26 countries, with 122 plants and 24 R&D centers, developing and delivering complex systems for 83 automotive brands.

Governance of Burelle SA's two other wholly-owned subsidiaries remains unchanged:
- Jean Burelle retains his position as Chairman of the private equity firm Burelle Participations;
- Laurent Burelle continues as Chairman of Sofiparc, a real estate company that manages the Group's non-industrial real estate assets.

The development of Burelle SA and its subsidiaries, Compagnie Plastic Omnium, Burelle Participations and Sofiparc, accordingly remains underpinned by the same majority family commitment and continues with renewed confidence in the future, driven by the ability of the Group's 31,000 employees to meet tomorrow's challenges while remaining faithful to the values on which its success has been founded.

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From left to right: Jean Burelle and Laurent Burelle

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