‘We’re not a family business anymore’: A near-routine Michelin general meeting

He had no right to speak, and he did not take him, as no question had been asked about him. Pierre Michelin was an observer at Michelin’s general shareholder meeting held on Friday at the Zenith of Cournon d’Auvergne as the new president of Mage Invest, the holding company that brings together the shareholders of the Michelin family. Edouard’s third son (who died in 2006), Pierre Michelin, indicated in a press release that he wanted to “continue and expand the family’s mission.” Which therefore did not cause any stir or reaction, except for the reaction of President Florent Meneg, whom we interrogated at the press conference. (See below).

Previously, Michelin kept its high mass almost as usual, but happily met again after two years of virtual gatherings, on an inserted screen and behind closed doors.Pierre Michelin attended the general meeting for the first time as an observer. Photo by Franck Boileau

Recording results and navigating around the place

From the health crisis “which we didn’t get out of because Covid is starting again in China,” the group’s president scored, and from the impact of the conflict in Ukraine on supply chains that impose visual navigation, or even the suspension of activities in Russia, was widely discussed . But also the “flexibility and resilience” that allows Michelin to post record-breaking 2021 results (€24 billion in sales, €3 billion in operating profit) despite these difficult times, and an equally resilient first quarter in 2022 with 19% sales growth.The meeting took place for the first time at the Zenith d’Auvergne. Photo by Franck Boileau

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Par value of a share divided by four

The €4.50 per share dividend proposed at the release of 2021 results in February was widely welcomed, as were all proposals. Note also the decision to divide the par value of one share by four, which does not change anything for current holders (whose portfolio will be multiplied by four), but should “make Michelin shares more accessible and allow for better cost sharing.” .

“We are no longer a family business”

Florent Menego appeared serene before the press after the general meeting of shareholders and was hardly bothered by the arrival of 25-year-old Pierre Michelin as president of Mage Invest announced that morning.

“We are very proud of our lineage and are delighted to know that the Michelin family continues to invest in Michelin. Mage Invest represents 4.2% of shareholders (7% of voting rights), Pierre Michelin looks after the interests of this investment company, I am happy for him. But our shareholding is spread all over the world. »

Pierre Michelin (Edouard’s son) takes over the family stock holding company.

Michelin is back at the head of the group one day?

Asked if Michelin could one day return to lead the group, the current boss added, denying any annoyance: “It has nothing to do with it. We are no longer a family business. Pierre Michelin is charming, he went to school with my son, he is Edouard’s son, but being a member of the family doesn’t mean you have the skills to run a Michelin. »

A close-up of the future Kataru Innovation Center in Clermont-Ferrand.

Patrice Campo
[email protected]
Twitter: @patrickelmt
Video by Stephanie Delannes
Photos by Franck Boileau