Europcar Mobility Group to Replace Board of Directors

Green Mobility Holding S.A., a bidder consortium consisting of Volkswagen, Attestor, and Pon Holdings, has announced changes to leadership positions at the Europcar Mobility Group.

Europcar Mobility Group’s current one-tier Board of Directors will be replaced by a two-tier structure with a Supervisory Board and a Management Board. The change is subject to the approval of Europcar Mobility Group’s Annual General Meeting on June 29, 2022, and would be then effective afterward, according to the company.

With last week’s initial result of 87.38% of Europcar share capital tendered into the offer (corresponding to at least 87.36% of the voting rights), the consortium will become the majority shareholder of Europcar Mobility Group.

As a result, the consortium will propose the appointment of five candidates for the new Supervisory Board: Imelda Labbé and Holger Peters of Volkswagen, Jan-Christoph Peters and David Alhadeff of Attestor, and Janus Smalbraak of Pon Holdings. Independent members of the current Board of Directors (Sylvie Veilleux, Martine Gerow, and Carol Sirou) and the employee representative (Adèle Mofiro) will pursue their roles within the newly created Supervisory Board.

Following the election at the Annual General Meeting, Holger Peters will be appointed as chairman of the Supervisory Board, according to the company.

“Europcar Mobility Group is facing a major transformation from a traditional rent-a-car business to a tech company in the field of future mobility,” said Peters. “With the support of the consortium, the Group will have to continue its transformation and invest hundreds of millions to upgrade its infrastructure, increase its agility, and enhance its overall offering over the next couple of years. I am looking forward to working closely with the future management team of Europcar Mobility Group on this major challenge.”

Caroline Parot, the current CEO of Europcar Mobility Group, has announced her intention to leave the company after the Annual General Meeting. Parot joined Europcar Mobility Group in 2011 and was named chief financial officer in 2012. In 2016, she was appointed to CEO.

“I am delighted to have led this transformation over the last years, driven by the Group’s purpose – to offer attractive alternatives to vehicle ownership in a responsible and sustainable way – and constantly adapting to various unprecedented situations and market conditions which developed the company’s resilience,” said Parot. “I will be leaving the Group with a sense of fulfillment, as it is now perfectly positioned, with its new reference shareholder, to make the most of rapidly reshaping mobility ecosystems. ...”

In addition to the CEO, current Chairman Alexandre de Juniac, Carl Leaver, and Simon Franks will leave their positions as Board of Director members after the two-tier board structure is implemented. The consortium stated that it will announce further management changes later.