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New Finance Chief for SocGen

Four months after its massive trading scandal, France's number-two bank has a new CFO.
Kate PlourdMay 9, 2008

Didier Valet will take on the CFO position at Société Générale, the French bank that was hit with a $7.5 billion loss this January from rogue deals made by junior trader Jérôme Kerviel.

Valet, 40, replaces former CFO Frédéric Oudéa, who was promoted to deputy chief executive of France’s second-largest bank in March. He has been with Société Générale since 2000 in the company’s corporate and investment-banking division, where he served as head of the European banking team in the equity-research department.

In 2003 Valet took a position as head of investor relations. He was promoted to head of strategic performance management of Société Générale Group’s finance and development division in March 2007. Previously he worked in research for Banque Indosuez’s banking and insurance departments and covered France’s banking sector as a research analyst at Dresdner Kleinwort Benson.

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Rogue trader Kerviel was released from prison in March but is still being investigated for computer abuse, breach of trust, and falsification. Last month he was hired to work for a computer-consulting firm.

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