Entrepreneur and engineer Luc Rémont has officially named EDF CEO

The Council of Ministers, Wednesday 23 November, confirmed the appointment of Luc Raymond at the head of the EDF. The Elysee announced on September 29 the appointment of this 53-year-old polytechnic engineer, who combines experience in ministerial cabinets with a stint at the US investment bank Merrill Lynch and then at Schneider Electric.

He succeeds Jean-Bernard Levy, 67, at the helm of the EDF since 2014 and who leaves before reaching the age limit. His early departure was announced this summer at the same time as EDF’s next return to the fold of 100% state-owned enterprises.

Giant of 167,000 employees

Founded abroad, in Italy, the United Kingdom, Belgium and Brazil, with a turnover of €84 billion in 2021 for 167,000 employees, EDF, Europe’s main electricity producer, was privatized in the mid-2000s. On Tuesday evening, the Financial Markets Authority (AMF) approved a plan to buy back the lost 16% stake in EDF by the state, at €12 an hour, paving the way for a total takeover of €9.7 billion.

Little known to the general public, Luc Rémont has already begun working on construction sites awaiting the company, sometimes compared to a country within a country. ‘It could be the job of a lifetime’He commented on a question in Parliament before his appointment on October 26, announcing that He accepted the principle of a very large reduction in his current wages.. The salary of the CEO of EDF is fixed by decree at a lump sum of €450,000 per annum.

Luke Raymond understood the context “short term cash”. “In this context of the energy crisis, the EDF itself is going through a serious crisis, of a technical and industrial nature, which increases the tension on the energy supply.”, is without. The urgency is known: half of the French nuclear fleet is unavailable due to scheduled but sometimes prolonged maintenance, or wear problems. The challenge will be to restart enough reactors to meet peak consumption during the winter.

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