France Blocking EADS From Naming Enders CEO- Report

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The FINANCIAL — A Franco-German power struggle at the European Aeronautic Defence & Space Co. NV is delaying Thomas Enders from moving into the role as chief executive of EADS from his current position as CEO of the Franco-German aerospace group's unit Airbus, according to a report in Monday's edition of Handelsblatt, according to London Stock Exchange.

 

An EADS spokesman declined to comment on the report Monday, saying the process to name a successor to current CEO Louis Gallois is known and is on track.

Through the supervisory board, France's influence delayed the board from agreeing to extend more than ten other top managers' contracts in early December, according to Handelsblatt.

The French state, a major shareholder of EADS, needed more information for the appointments, the newspaper reports, citing a German manager at the company.

Enders aims to move the finance and personnel departments from headquarters in Paris and Munich to Toulouse in the medium term, the newspaper says, and Paris is demanding the finance department and French leadership of the helicopter unit Eurocopter as compensation, which is currently run by the German Lutz Bertling.

Enders rejected both requests before Christmas, the article attributes unnamed company sources as saying.

 

 

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