...February 10, 2020 PARIS (S&P Global Ratings) Feb. 10, 2020--S&P Global Ratings said today that ENGIE's change in governance raises some questions about the group's strategic directions and the credit impact of its accelerated transformation. In an extraordinary meeting on Feb. 6, Engie's board of directors did not renew Ms. Isabelle Kocher's board mandate (which was due to expire in May), effectively also ousting her as CEO. The move exposes the dissension and lack of alignment between Ms. Kocher, the board, and its president, Mr. Jean-Pierre Clamadieu. It also casts uncertainty upon the group's strategic direction and organization as the search for a replacement begins. During the transition, we will monitor Engie's clarification of its key growth pillars, although we acknowledge such clarification will take some time after the appointment of a new CEO. We understand from Mr. Clamadieu's statement that the change in the group's executive management is intended to foster Engie's transformation....
