PARIS — SMCP revealed Monday that Christophe Cuvillier has been appointed chairman of the company’s board, following the dismissal of five members representing former majority owner European TopSoho on Friday.
Three new independent directors were appointed to the board at last week’s shareholder meeting, which went ahead after the Paris Commercial Court ruled against a request by European TopSoho, the Luxembourg-based subsidiary of Shandong Ruyi, which previously owned 53 percent of the French accessible luxury group, to have it postponed.
Cuvillier, a seasoned executive and former chief executive officer of Unibail Rodamco Westfield, was named to the SMCP board last June as an independent administrator.
His appointment comes as GLAS is expected to sell its 29 percent stake in SMCP, which it acquired in September after European TopSoho defaulted on bonds worth 250 million euros.
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