PARIS -- Valeo said it was seeking a new chairman after former CEO Jacques Aschenbroich was offered the same post at French telecom giant Orange.
Aschenbroich will remain as chairman and serve as a director on the board of trustees until no later than the end of 2022 if he is confirmed as Orange’s chairman, Valeo said.
Shareholders at Orange, formerly France Telecom, are set to vote on Aschenbroich’s appointment on May 19.
Aschenbroich, 67, was CEO of Valeo from 2009 until this January, when he was succeeded by Christophe Perillat in a planned transition. His appointment at Orange was first reported by Reuters last week.
Reuters contributed to this report