Changes in Vallourec’s Supervisory Board

07/03/2007 - Governance
Vallourec’s Supervisory Board accepted Mr Vincent Bolloré’s decision to resign from the Board.

Boulogne-Billancourt, 7 March 2007 - At its meeting on 6 March 2007, Vallourec’s Supervisory Board accepted Mr Vincent Bolloré’s decision to resign from the Board with effect from 5 March 2007. Mr Bolloré joined the Supervisory Board in June 2004 at a time when his group held a stake of over 25% in Vallourec’s capital.

The Board paid tribute to the valuable contribution made by Mr Bolloré to its work during a period marked by Vallourec’s expansion and rapid growth in its financial results. Financière de Sainte Marine, a subsidiary of Groupe Bolloré represented by Mr Thierry Marraud, remains a member of the Supervisory Board.

The Supervisory Board has co-opted Prof. Dr. Edward G. Krubasik to replace Mr Wolfgang Leese, Chairman of the Executive Board of Salzgitter AG, who resigned in late August 2006 following Salzgitter’s disposal of its holding in Vallourec.

After a long career with McKinsey, Mr Krubasik spent almost a decade, from 1997 to 2006, as a member of Siemens’ Executive Board, on which he held a prominent position. He is a member of Dresdner Bank’s Supervisory Board and participates in the work of a number of organisations, notably as a member of the German Council for Sustainable Development and as Vice President of the Presidential Board of the Federation of German Industries (BDI).

Jean-Paul Parayre, Chairman of Vallourec’s Supervisory Board, explained: “We are delighted that Mr Edward G. Krubasik has agreed to become a member of our Board. He is a skilled administrator and an expert in matters of corporate strategy, and will certainly contribute to the effectiveness of our work due to his extensive professional experience.”

 


About Vallourec

Vallourec is a world leader in the production of seamless steel tubes and tubular products for specific industrial applications (oil and gas, power generation, petrochemicals, automotive and mechanical engineering industries).

Vallourec is listed on the Euronext Paris Eurolist (ISIN code: FR0000120354), is eligible for the deferred settlement system and is included in the following indices: MSCI World Index, Euronext 100 and CAC 40. FTSE classification: engineering and machinery.

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