Societe Generale names Didier Valet as new CFO

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Reuters
Friday, May 9, 2008; 3:55 AM

PARIS (Reuters) - Societe Generale <SOGN.PA>, the French bank hit by a rogue trading scandal, said Didier Valet would become its new chief financial officer.

Valet, a 40-year old graduate of the prestigious Ecole Polytechnique who has been with SocGen since 2000, will replace Frederic Oudea who was promoted to chief executive last month.

Valet joined SocGen's corporate and investment banking division in 2000. In 2003 he became head of the bank's investor relations department. Since March 2007, Valet was head of strategic performance management at SocGen's finance division.

Previously, Valet had worked for Banque Indosuez and Dresdner Kleinwort Benson.

SocGen on January 24 unveiled 4.9 billion euros ($7.5 billion) in losses it said were caused by rogue deals carried out by Jerome Kerviel, a junior trader at the bank.

Kerviel was freed from prison in March after an appeal against his detention, but remains under formal investigation for breach of trust, computer abuse and falsification.

(Reporting by Astrid Wendlandt and Sudip Kar-Gupta; Editing by David Holmes)