Monday, March 24, 2008
Christophe Cuvillier will succeed Denis Olivennes as Chairman and CEO of Fnac
Christophe Cuvillier, current Chairman and Chief Executive Officer of Conforama, will succeed Denis Olivennes as Chairman and Chief Executive Officer of Fnac. After successfully fulfilling his role at the head of Fnac, Denis Olivennes has decided to dedicate himself to a new position outside the PPR Group.
This succession corresponds to a new phase in Fnac’s strategic development. Under his leadership over the past five years, Denis Olivennes successfully modernised Fnac’s economic model: revenue increased by 20% and in 2007 the company posted its fourth year of double-digit growth of its operating income.
As former Chief Operating Officer of Fnac between 2000 and 2005, Christophe Cuvillier acquired extensive knowledge of Fnac’s businesses and operations. As the new Chairman and CEO of Fnac, he will be responsible for the new phase in Fnac’s strategic development, which will focus on extending the network of domestic peri-urban stores, international expansion, internet businesses and new services growth.
Christophe Cuvillier’s modernisation and strategic repositioning of Conforama are already bearing fruit. This strategy will continue to be implemented by his successor, whose appointment will be announced by PPR in the coming weeks. Christophe Cuvillier will remain Chairman and Chief Executive Officer of Conforama until the arrival of his successor.
PPR develops a portfolio of high-growth global brands. Through its general consumer brands and its luxury brands, PPR generated sales of EUR 19.8 billion in 2007. The Group is present in 90 countries with approximately 93,000 employees. PPR shares are listed on Euronext Paris (# 121485, PRTP.PA, PPFP).
To explore the universe of PPR brands, go to www.ppr.com: Fnac, Redcats Group (La Redoute, Vertbaudet, Somewhere, Cyrillus, Daxon, Ellos, The Sportsman’s Guide, The Golf Warehouse and brands of the plus-size division), Conforama, CFAO, Puma and the Luxury brands of Gucci Group (Gucci, Bottega Veneta, Yves Saint Laurent, YSL Beauté, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen and Stella McCartney).