SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit
By Jason Farago,  Newser Staff
Posted Apr 29, 2009 7:08 AM CDT
SocGen Chief Resigns Amid Growing Outcry
Daniel Bouton said Wednesday April 29, 2009 he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.    (AP Photo/Jacques Brinon, File)

The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the bank for its handling of executive pay packages. In a statement, Bouton blamed the "repeated attacks against me personally" for his decision to go.

Bouton had originally served as joint CEO and chairman of SocGen, but he relinquished his CEO role in the wake of the trading scandal. Analysts said that his full resignation had been expected. "I don't think it has anything to do with the bank's financial performance. It was due to the political pressure," said one. (Read more France stories.)

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