Jean Azema dismissed after failing to convince shareholders
The longstanding chief executive of Groupama, Jean Azema, has been dismissed following a series of setbacks caused by the eurozone crisis.
Azema, who was in charge for 11 years, failed to convince regional banks who are Groupama’s main shareholders, that he was the man for the job.
Thierry Martel, currently managing director in charge of insurance in France, will take over immediately for Azema
Groupama has been downgraded by rating agencies and told to beef up its capital to counter junk debt held with Greece and troubled bonds in Portugal.
Last month Standard and Poor’s downgraded the French insurer from “BBB” from “BBB+” with negative implications.
Azema had promised to cut costs before going public in 2015.
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