Publicis Groupe has revealed a proposed change to the company’s governance, which will be voted on by shareholders at its annual general meeting on May 29, 2024. Thanks to its distinctive business model that is tailored to the requirements of some of the top corporations globally, its unrivaled capabilities, and the breadth of its talent pool, Publicis has seen a period of sustained growth in recent years. In preparation for his mandate’s expiration in 2025, Maurice Lévy, Chairman of the Supervisory Board, presented a proposal to the Group’s governing bodies to alter the company’s governance to strengthen that dynamic and the leadership teams that underpin it. With this modification, the business would become a single-structure corporation with a Board of Directors, following the more popular model of a dual-structure corporation with a Supervisory Board and Management Board (Directoire).
Read More: Lightfury Games Secures $8.5M In Seed Funding Round
The proposal was unanimously approved by the Supervisory Board after a protracted and difficult procedure. It will now be put to a vote by shareholders at the next AGM. Arthur Sadoun will take on the roles of Chairman and CEO of the Board under the new arrangement. Along with his appointment, the Board’s committees would be strengthened and the position of Lead Director would be established following AEFP-MEDEF principles and a well-balanced governance model.
Maurice Lévy, chairman of the supervisory board, would be appointed Chairman Emeritus, allowing the Groupe to continue to benefit from his insight, knowledge, and leadership. He would not only attend board meetings but also preside over a mixed group of executives and board members. With the support of these modifications, Lévy and Sadoun’s cooperation would be able to continue, leading Publicis to become the industry leader in market capitalization during the last seven years.
Read More: Goafest’24 To Be Hosted from 29-31 May at Westin Powai, Mumbai
Maurice Lévy, Chairman of the Supervisory Board commented,
“Publicis Groupe has a long history of anticipating change and transforming itself to face the future. “The primary responsibility of any board is to ensure that a company has both the governance structure and the teams it needs to lead it forward. With this in mind, I proposed changing the governance of the Groupe in order to put in place a Board of Directors, with Arthur Sadoun as Chairman and CEO. It’s the most effective way of maintaining the Groupe’s success, now and in the long term. I’m delighted that the Supervisory Board was unanimous in its approval of this change, and confident that our shareholders will give it their support, seeing it as the means of preserving and perpetuating the outstanding results that have taken our group to new heights.”
Arthur Sadoun, Chairman and CEO of Publicis Groupe said,
“The aim of this change in governance is simple: to preserve the driving forces behind the Groupe’s success and maintain the model that has made Publicis our industry’s most valuable company in terms of market capitalization. It will also allow us to continue the duo that we have formed with Maurice Lévy since 2017, which has seen Publicis extract itself from the pack and emerge as a clear leader in our sector. The continuity of our partnership, combined with the incredible talent of our teams around the world and our best-in-class capabilities make us more confident than ever in our ability to help our clients transform and thrive in this ever-changing environment, and drive even greater value and innovation for all of our stakeholders. For those reasons, I hope that our shareholders will support this proposal.”
Read More: Mindshare India’s Grand Sweep At FOMA APAC Awards 2024!
