French private equity house Eurazeo has announced that Bruno Roger has resigned as chairman of the firm’s supervisory board.
In a statement, the board confirmed that following a meeting held on Monday, the firm announced “with regret” that Roger would be leaving the firm. He is to be replaced by Michel David-Weill, the former chairman of Lazard’s French operations.
According to a report on Reuters, Roger has resigned in order to spend more time on his role at Lazard, the investment bank where he is chairman of the bank's French operations. He will remain a Eurazeo board member.
A spokesperson for Eurazeo was not available for comment.
Eurazeo, formed by the merger of French investment holding companies Eurafrance and Azeo in 2001, has close links to Lazard, and has a 16 per cent interest in Lazard's distributed profits, as well as preference shares. Earlier this month, the firm denied it was in talks with Bruce Wasserstein over the sale of its stake in Lazard.
Last month, the firm’s chief executive Patrick Sayer said Eurazeo would launch an E800m fund this year as part of ongoing plans to focus the firm’s efforts on private equity. Eurazeo will contribute between 25 and 40 per cent of its capital to the funds, generated from the sale of its four per cent interest in French food group Danone and a one per cent stake in Veolia Environnement.
In March, Eurazeo signed an agreement with France Telecom to acquire its 23.14 per cent stake in Eutelsat, the European satellite operator, in a deal worth E447m.