Michelin's Rollier wants to add two managing partners

Feb. 15, 2007

Groupe Michelin Managing Partner Michel Rollier will ask Michelin's shareholders to approve the addition of two new managing partners to work alongside him.

Rollier will ask shareholders to vote on the proposal at their next general meeting on May 11.

He would like to add Didier Miraton, head of Michelin's research and industrial performance, and Jean-Dominique Senard, head of finance, as managers. Both are currently on Michelin's executive board.

Rollier would retain Michelin's principal management role, say Michelin officials.

"Under (MIchelin's) current articles of association, any managing partner is automatically general partner, meaning that the managing general partner is personally liable for the debts of the company and that his term expires upon reaching the age limit as defined in said articles, except in the case of early resignation.

"The modification of the company's articles of association that will be proposed at the annual shareholders meeting would include a provision for the nomination of managing partners.

"They would be appointed for a term limited to five years, renewable. They would not be liable on their own assets for the company's debts."