Martin Bouygues steps down as group CEO, remains chairman (updated)

COLAS SA

18/02/2021 07:51

(Adds details, CEO change)
    Feb 18 (Reuters) - Martin Bouygues has handed over the
position of Bouygues SA   BOUY.PA  chief executive to his deputy
but will stay on as chairman, the French conglomerate said on
Thursday while predicting a gradual recovery from a 2020 drop in
profits.
    Martin Bouygues, 68, who took over from his father and
founder of the group Francis Bouygues as Chairman and CEO in
1989, was replaced by deputy CEO Olivier Roussat as of Feb. 17,
the company said in its 2020 results report.    
    “To meet the challenges we face, whether economic,
climate-related, social or digital, we wanted to ensure that
Bouygues has the most effective governance,” Bouygues said in a
statement.
    Bouygues's activities, which range from construction to
media and telecoms, sharply rebounded in the second-half of
2020, after a first-half substantially impacted by the pandemic.
    The family-run group said it expected its 2022 current
operating profit to return to the same level of 2019 or be
slightly higher, citing a particularly strong financial
position. 
    In 2021, the group’s sales and earnings should already be
well above those of 2020, although without reaching those of
2019, Bouygues added. 
    The French conglomerate reported current operating profit at
1.22 billion euros ($1.47 billion) in 2020, down from 1.68
billion euros a year earlier, but above 1.14 billion euros
forecast by analysts.


 (Reporting by Charles Regnier
Editing by Tomasz Janowski)
 ((charles.regnier@thomsonreuters.com; +48 58 77 85 275;))