Familiar Face Brought Back to Michelin Board

At the May 17 Groupe Michelin annual shareholders meeting in Clermont-Ferrand, France, a familiar name popped back up.

The meeting, chaired by managing general partner and CEO Jean-Dominique Senard, also saw the approval of several new Supervisory Board members following a decision to amend Michelin’s bylaws concerning member duration in order to stagger the terms.

The resulting new Supervisory Board members include Anne-Sophie de La Bigne and Jean-Pierre Duprieu, with three-year terms, and Olivier Bazil and former Groupe Michelin managing general partner Michel Rollier, who will serve for four-year terms. The Supervisory Board then appointed Rollier as its chairman, replacing Eric Bourdais de Charbonniere, who served as chairman since 2000.

Re-elected to the board were Barbara Dalibard and Louis Gallois for two-year terms.

Marc Henry, Michelin’s CFO and a member of the executive committee, reviewed the company’s 2012 results. In sluggish markets, Michelin delivered what it describes as “strong earnings,” with more than 1 billion euros in free cash flow, 2.423 billion euros in operating income before non-recurring items, up 25%, and a two-point increase in operating margin to 11.3% of net sales.

Henry also confirmed Michelin’s objectives for 2013. In a market environment that is weak in mature regions and expanding in the new markets, Michelin expects to report stable operating income before non-recurring items, a more than 10% return on capital employed and positive free cash flow.

Prior to answering questions from shareholders, Senard presented his strategic vision for the company. “Michelin is a winning company because it knows how to place customers at the heart of its strategy and initiatives, to make innovation one of its strategic priorities and to manage its operations both efficiently and responsibly.” (Tyres & Accessories)

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.