Claranova proposes adding executives to board

The Claranova Board of Directors has added new members – Roger S. Bloxberg and Eric Gareau –  the CEOs of PlanetArt and Avanquest, respectively. These appointments which follow the departures of Chahram Becharat and Jean-Yves Quentel are effective immediately, for the remaining terms of the latter’s offices. These latest additions to the board are accompanied by the co-option of Todd Helfstein, PlanetArt’s President, as a non-voting observer (censor) with immediate effect.

The appointments of Bloxberg, Gareau, and Helfstein will be submitted to the shareholders for ratification at Claranova’s next General Meeting.

“In addition to confirming the trust placed in the management of our divisions, these appointments will ensure that our main subsidiaries are fully committed to achieving the Group’s next major strategic priorities,” said Pierre Cesarini, Chairman and CEO of Claranova Group.”The addition of Roger, Eric and Todd to the Board of Directors reflects our desire to involve the managers of our subsidiaries in the current efforts focused on increasing the market value of the Group’s share. A top priority in this area will be to address the growing dichotomy between Claranova’s fundamentals and the intrinsic value of each of our businesses (particularly in relation to the direct comparables of these three divisions). We remain confident in our ability to bridge this gap based on the performance of our three divisions and the support of a Board of Directors strengthened by these new members. Their thorough knowledge of the Group’s businesses will provide an invaluable contribution as we adopt measures to optimize and deliver growth in value for our shareholders.”