Appointments within the Group's senior management team

The Board of Directors has taken note of Deputy Chief Executive Officer Jean-François Sammarcelli’s decision to retire at the end of 2014.

To ensure that his succession takes place in the best possible conditions, he will step down from his position as Deputy Chief Executive Officer on September 1st, 2014, in order to become Advisor to the Chairman.

After consulting the Nomination and Corporate Governance Committee, the Board of Directors has approved the following organisation, on the recommendation of Frederic Oudea, Chairman and Chief Executive Officer of Societe Generale:

• The number of Deputy Chief Executives will be reduced to two;
• Bernardo Sanchez Incera will take over the supervision of the French retail banking business, in addition to the supervision of international retail banking and financial services. Furthermore, Bernardo Sanchez Incera will succeed Jean-François Sammarcelli as Chairman of the Board of Directors of Credit du Nord;
• Severin Cabannes will remain in his position as Deputy Chief Executive Officer with the same scope of supervision (Finance, Risk, Resources, Global Banking and Investor Solutions).

Laurent Goutard, Head of Societe Generale Retail Banking in France, will be appointed to the Group Executive Committee as of September 1st, 2014.

Commenting on these changes Frederic Oudea said: “I would like to congratulate Jean-François Sammarcelli on his exemplary career path and his remarkable contribution to the success of Societe Generale during his 40-year career at the Group. During that time, he has distinguished himself through his commitment to serving individual and corporate customers, in France and abroad, with great thoroughness, and a human approach. As Head of Societe Generale Retail Banking in France since 2005, and then as Deputy Chief Executive Officer, Jean-François Sammarcelli has played a key role in the Bank’s development, and contributed to making its transformation process a success, which now enables us to begin a new chapter in our history at a time when the Bank is celebrating its 150th anniversary. To continue our transformation process, which will now focus on adapting our businesses to the new environment, I wanted to have a tighter senior management team by my side, around Severin Cabannes and Bernardo Sanchez Incera. Entrusting the supervision of all the retail banking activities in France and abroad to Bernardo Sanchez Incera will enable us to develop a global vision of trends in our retail banking business, while continuing to strengthen our relational model, in order to serve our customers, as well as to bolster our leadership in the digital and innovation fields.”