Valeo is to separate the roles of chairman and CEO from January, 2022.

Jacques Aschenbroich will continue as chairman until the end of his current term of office as director, with Christophe Périllat, currently COO, being appointed as Chief Executive Officer.

During the second half of 2019, the board of directors of Valeo started working, through the guidance of the Governance, Appointments & Corporate Social Responsibility Committee, on a process to decide on a succession plan for Aschenbroich.

The succession plan was unanimously approved by the board at its meeting on 27 October, 2020. This follows the decision taken by the board, within the context of Aschenbroich's reappointment as director at the General Meeting held on 23 May, 2019, to implement the separation of the roles of chairman and CEO.

In accordance with the succession plan, Aschenbroich will continue to act as chairman until the end of his current term of office as director, that is until May, 2023. He will be tasked with specific missions which aim to ensure a smooth transition with Périllat.

In this context, Périllat is appointed as associate CEO (Directeur Général Adjoint) of Valeo as of 27 October and until the Annual General Shareholders' Meeting to be held in May, 2021, following which the board will appoint him as deputy CEO (Directeur Général Délégué) of Valeo.

The board will also propose the appointment of Périllat as a director of Valeo at the General Meeting to be held in May, 2021.