MediaPost reported Publicis Groupe executed another merger/consolidation, although this time involving its supervisory board and management board. In short, the two boards are now one, with Arthur Sadoun adding Chairman to his CEO title.
Looks like a more streamlined, exclusive group of White men and White women—and the person named vice chair of the new board is the daughter of late Publicis Groupe Founder Marcel Bleustein-Blanchet, so there’s potential nepotism at play too.
Given the White holding company’s grand investments in technology, wouldn’t it be cheaper and more efficient to handle board duties with Marcel or other AI tools?
Shareholders Approve Single Publicis Board, Sadoun Adds Chairman Duties
By Steve McClellan
At its annual meeting today, Publicis Groupe shareholders voted overwhelmingly in favor of a proposed new governance structure for the company, replacing its current supervisory board and a separate management board (called the Directoire) with a single board of directors. The proposal was approved by a margin of 95%.
The board of directors met following the general meeting to formally adapt the new structure and appointed Arthur Sadoun chairman of the board, in addition to his current CEO role.
The company announced the proposal last month, asserting that the new streamlined structure would be the best way to ensure the company’s continued momentum and growth in the future.
Earlier this month, the firm disclosed that Andre Kudelski would be appointed lead director of the new board. He is the chairman and CEO of Swiss technology firm Kudelski Group and has been on the Publicis Supervisory board since 2016.
Maurice Lévy, who is now honorary chairman of Publicis Groupe (previously chairman of the Supervisory Board and CEO before that) stated: “Arthur Sadoun knew how to take the right turns, ensure growth and place the Group at the top of the sector pyramid. I am very proud of his career and convinced that under his leadership the Group will go further and higher.”
“The governance adopted by the shareholders leads, following the decisions of the Board, to an exemplary balance of powers with Élisabeth Badinter as Vice-President, and who continues to ensure that all stakeholders are treated fairly in the respect for the Group’s values, André Kudelski as Lead Director who will provide valuable support to the Board in this new framework, and finally, tighter Committees with very clear missions.”
Those committees include Nomination, Remuneration, Audit and Financial Risk, and Strategic, Environmental & Social. Committee leads were appointed by the board after the annual meeting.
Added Sadoun said, “This change makes it possible to maintain the tandem that we have formed with Maurice Lévy since 2017, and to continue the dynamic that has propelled Publicis to the top of its sector. Thanks to the stability of our partnership, the incredible commitment of the Group’s talents in all their diversity and our unique offering, we are more confident than ever in our ability to support our clients in their transformation, in a constantly evolving world.”
Lévy is credited with the idea of switching to the new governance setup.
As expected, Élisabeth Badinter, vice chair of the previous supervisory board, has been named vice chair of the new board (she is the daughter of Publicis Groupe Marcel Bleustein-Blanchet).
All other resolutions made at the annual meeting were also approved by shareholders.
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