COFACE SA: Governance evolution – Bernardo Sanchez Incera appointed Chairman of the Board of Directors
Paris, 10th February 2021 – 17.35COFACE SA: Governance evolution – Bernardo Sanchez Incera appointed Chairman of the Board of DirectorsFollowing the change in the shareholder base and the arrival of Arch Capital Group Ltd. (Arch) – (NASDAQ: ACGL) – in Coface’s capital, COFACE SA’s Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.The transaction between Natixis and Arch for the sale of a stake in Coface’s capital, which was announced on 25 February 2020, has received all the necessary approvals for its closing. As a result, Arch now holds 44.8m shares of Coface, representing 29.5% of the company’s capital.In accordance with the statements made when the agreement was announced, all the directors representing Natixis have resigned. The Board then co-opted four directors presented by Arch as well as Bernardo Sanchez Incera, who was then appointed Chairman of the Board.As of today, Coface’s Board of Directors has therefore 10 members, 4 women and 6 men, the majority (6) of whom are independent directors.Coface’s general management wants to thank Natixis and BPCE board members for their personal involvement and their contribution to Coface’s governance over the past years.The Board of Directors reaffirmed its confidence in the management team and the relevance of the Build to Lead strategic plan.Bernardo Sanchez Incera, Chairman of Coface, declared:“First of all, I would like to thank Coface’s Board of Directors for the trust they have placed in me. In this very unusual period, I have a total confidence in the ability of all the Coface teams, under the leadership of Xavier Durand, to continue implementing the Build to Lead strategic plan. I am also pleased to welcome the representatives of Arch Capital Group. “Marc Grandisson, Chief Executive Officer of Arch Capital Group Ltd., for its part declared:
“Our investment in Coface shows our confidence in the group’s strategy and its team. 2020 has demonstrated the strategic importance of credit insurance for inter-company trade. We are delighted to accompany Coface in its future development.”
FINANCIAL CALENDAR 2020/2021 (subject to change)
Q1-2021 results: 27 April 2021 (after market close)
Annual General Shareholders’ Meeting 2020: 12 May 2021
H1-2021 results: 28 July 2021 (after market close)
9M-2021 results: 28 October 2021 (after market close)FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
http://www.coface.com/InvestorsFor regulated information on Alternative Performance Measures (APM),
please refer to our Interim Financial Report for S1-2020 and our 2019 Universal Registration Document.DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2019 Universal Registration Document filed with AMF on 16 April 2020 under the number D.20-0302 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.Attachment2021 02 10 PR Change of governance
