Faurecia shareholders have approved the renewal of the board membership of Odile Desforges, Linda Hasenfratz, Olivia Larmaraud and Michel de Rosen for a further period of four years.
During the shareholders meeting, CEO, Patrick Koller reviewed Faurecia’s transformation strategy and the results achieved in 2019.
He also presented the Group’s three priorities for weathering the Covid-19 crisis: the safe restart of operations; protecting liquidity and maintaining a healthy financial structure; increasing the Group’s resilience and lowering the break-even point of its operations.
Koller outlined the expected evolution of the Group’s turnover during the first part of the year, particularly affected by Covid-19. After a first quarter fall of 19.7% , the second quarter will suffer the most this year, with an expected decline of around 50%, with a low point in April, a month severely affected by the lockdowns in Europe and North America, at a time when China was only just beginning its recovery.
Sales for the full six-month period could fall by around 35%, compared with turnover of EUR8.97bn (US$10.1bn) in the first half of 2019.
Faurecia will present its outlook for the second half of the year with publication of the first-half results on 27 July.
“I would like to warmly thank the shareholders for the renewed confidence they have shown today in the Group’s management,” said de Rosen.
“Thanks to its solid fundamentals and the strong resilience measures adopted, Faurecia intends to pursue its transformation strategy and come through this unprecedented crisis with determination and agility.”