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AEROSPACE
Louis Gallois hands EADS reins to Tom Enders
by Staff Writers
Amsterdam (AFP) May 31, 2012


French aerospace executive Louis Gallois handed Thursday the reins of European group EADS over to German Tom Enders at a meeting marked by the notable absence of shareholder Arnaud Lagardere.

Gallois received warm applause as he thanked fellow EADS directors and personnel before taking questions from shareholders who were present at a general assembly in Amsterdam.

Enders, who has been chief executive of Airbus, EADS' main division, was named to the parent company's 11-member board along with Jean-Claude Trichet, former head of the European Central Bank.

The board was expected to hold a telephone conference during which Lagardere should be named chairman and Enders chief executive of the European Aeronautic Defence and Space Company.

Seven members of the EADS board did not show up for the annual meeting.

Lagardere is head of Sogeade, a structure that controls 22.35 percent of the capital in EADS, including a 7.5 percent stake owned by Lagardere and the rest which belongs to the French state.

He failed to show up for the annual meeting however, leaving outgoing EADS chairman Bodo Uebber to tell shareholders: "Arnaud Lagardere excused himself yesterday evening. He had important things to do. I'm sorry."

Lagardere spokesman Ramzi Khiroun told AFP: "Arnaud Lagardere is not at the general meeting as he still considers Bodo Uebber to be the chairman.

Until he (Lagardere) has been named, it is normal that Mr Uebber should preside" the shareholders meeting.

Lagardere, 50, is frequently absent from EADS board meetings, a source close to the company said.

Son of one of EADS' founders, Jean-Luc Lagardere, Arnaud has not hidden his lack of enthusiasm for the aerospace sector, or his desire to unload the stake he owns in EADS.

The Lagardere group's second representative on the EADS board, Dominique D'Hinnin, was also absent Thursday, as was another high-profile director, Indian steel tycoon Lakshmi Mittal.

Four other board members failed to show as well.

"They all excused themselves," Uebber said.

Lagardere was represented by Sogead director Norbert Giaoui.

EADS was created in 2000 through the merger of activities owned by Jean-Luc Lagardere with others within the German group DASA, owned by Daimler, and the Spanish company CASA.

EADS is now the second biggest aerospace and defence group in the world, after US rival Boeing.

The European conglomerate employs 133,000 people and manufactures Airbus passenger and military planes, Eurocopter helicopters, Ariane rockets and unmanned drone aircraft.

Sources within the company said that Fabrice Bregier of France would become the new head of Airbus.

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