Since its creation in 2000 and until 22nd October 2007, EADS was led by a dual-headed management structure, with two Chairmen and two co-Chief Executive Officers, which has provided the necessary balance and stability required for a company with such a unique industrial and multi-national heritage.
On 16th July 2007, Daimler, the French Government and Lagardère decided, together with the EADS management team, to implement a new management and leadership structure. The German Government was also consulted. Guiding principles of this modification were efficiency, cohesiveness and simplification of EADS’ management and leadership structure, towards corporate governance best practices while maintaining a balance between the French and the German core shareholders. Under the simplified management structure, EADS is now led by a single Chairman and a single Chief Executive Officer.
The core shareholders also concluded that it was in the best interest of the Group to recommend an increase in the number of independent members on the Board of Directors to appropriately reflect the global profile of EADS by conforming to international corporate governance best practices.
In this respect, both Daimler and Sogeade relinquished two seats on the Board of Directors and four independent directors were elected during the Extraordinary General Meeting of Shareholders held on 22nd October 2007. Apart from the Chief Executive Officer, the Board no longer comprises executive directors.
The core shareholders have also decided to amend the responsibilities assumed by the Board of Directors, the Chairman, the Chief Executive Officer and the Executive Committee, as described below.
These modifications were fully implemented and became effective from the Extraordinary General Meeting of Shareholders and Board of Directors’ meeting both held on 22nd October 2007.
