Current Valeo CEO, Jacques Aschenbroich has also been elected chairman with incumbent, Pascal Colombani stepping down after reaching the age limit.

The Board of Directors also unanimously decided to appoint Georges Pauget as lead director with the broadest powers to carry out his duties. Pauget is an independent director, the chairman of the appointment, compensation and governance committee and a member of the strategy Committee.

"Valeo has become a reference in terms of corporate governance, and the strategy defined by Jacques, based on technological innovation and global deployment, led to exceptional growth, outstanding results and integration into the CAC 40 stock index, all this being reflected in the increase of the share price and the level of dividends paid to shareholders," said Colombani.

The news follows Valeo's recent results for last year, showing net income up 30% to EUR729m (US$804m), with operating margin rising 22% to EUR1.1bn.

"Sales accelerated throughout 2015 and outperformed the market in all world regions despite market volatility in some of our geographies, once again demonstrating the solidity of our growth model," said Aschenbroich.

"This growth was accompanied by a 22% increase in our operating margin to 7.7% of sales, as well as a 30% increase in net income and a 73% increase in free cash flow.

"Our record order intake – which stands at EUR20.1bn – reflects the commercial success of our technologies for CO2 emissions reduction and intuitive driving."