COMMUNIQUÉ DE PRESSE
PETER CHILD AND MICHEL-ALAIN PROCH JOIN MAISONS DU MONDE’S BOARD OF DIRECTORS
Nantes, March 11, 2020
Maisons du Monde’s Board of Directors announces that Peter Child has been co-opted as independent member and Chairman of the Board, succeeding Sir Ian Cheshire. Michel-Alain Proch also joins the Board as independent director and Vice-Chairman.
The Board of Directors, that met on March 10, 2020, unanimously decided, after a recruitment process initiated in the second half of 2019 and on the recommendation of the Nomination and Compensation Committee, to co-opt Messrs. Peter Child and Michel-Alain Proch to replace Sir Ian Cheshire and Mrs. Marie Schott, who resigned from their positions today.
Peter Child also succeeds Sir Ian Cheshire as a member of the Nomination and Compensation Committee. Michel-Alain Proch will join the Audit Committee.
The Board of Directors welcomes the arrival of Peter Child and Michel-Alain Proch, whose recognized experience and skills are invaluable assets to support Maisons du Monde in its future development. In particular, Peter Child will bring his deep knowledge of the retail sector in France and internationally, and Michel-Alain Proch his financial expertise in listed groups.
These co-optations will be subject to ratification by the Annual General Meeting, along with the renewal of their mandate as members of the Board of Directors.
The Board warmly thanks Sir Ian Cheshire for his commitment and contribution to the development of the company since its IPO and the support he has provided to Maisons du Monde’s management. The Board also thanks Marie Schott for her valuable contribution over the past three years.
Sir Ian Cheshire, Chairman of the Board of Directors, declared: “It has been an honor to chair Maisons du Monde’s Board of Directors since December 2016. Having supported the Group’s development following its IPO, a new chapter in its growth story is set to be written with the implementation of its 2020-2024 strategic plan. I fully support the recommendation to appoint Peter Child as Chairman of the Board, given his solid knowledge of the retail sector and his recognized leadership."
Peter Child declared: "I am delighted to join the Maisons du Monde Board of Directors and assume the role of non-executive Chairman. Maisons du Monde has an exceptional omnichannel model and has solid assets to continue its profitable growth. I am convinced that with Michel-Alain Proch and rest of the Board, we will bring to Maisons du Monde complementary experience and skills in order to support Julie Walbaum and her Executive Committee in the implementation of the Group’s strategy, for the benefit of all its customers, employees and shareholders."
Biography of Peter Child
Peter Child spent 35 years with consulting firm McKinsey & Co, where he accompanied many major brands in their development strategy, particularly in the retail sector. Based in Paris, he was leader of the Retail & Consumer sector for France, then Europe, and then overall global leader for the retail sector. In 2005, he was appointed to the McKinsey & Co Shareholders’ Council, sitting on the Knowledge Committee (McKinsey's global committee responsible for the development of McKinsey's intellectual capital). In 2015, Peter Child joined the Hong Kong office to lead the Retail & Consumer business in Asia. As a board director, he accompanied the development of the start-up Atelier Cologne before its sale to the L'Oréal Group. Today he sits as an independent director on the Board of Aeon, the leading Japanese and Asian retail group, which he supports in particular in its strategy and governance.
Peter Child holds an MA in Engineering (Cambridge) and an MBA from INSEAD.
Biography of Michel-Alain Proch
Michel-Alain Proch was appointed Executive Vice President and Chief Financial Officer of Ingenico in February 2019, where he leads the Finance & Purchasing functions. He is a major contributor to the Group's transformation plan launched upon his arrival. Michel-Alain has more than 25 years of experience in finance, strategy, integration and transformation. From 2015 to 2018, based in New York, he was Senior Executive Vice President in charge of North American operations and then Director of Digital Strategy for Atos Group. As Executive Vice President and Chief Financial Officer of Atos from 2007 to 2015, Michel-Alain Proch led several major acquisitions and successfully co-managed the IPO of Worldline. He was also named Best CFO (Europe, Software and IT Services) by Extel for four consecutive years. He was a member of Worldline's Board of Directors until 2016. Michel-Alain Proch had previously held management positions at Hermès in France and in the United States for 8 years. He began his career as a consultant with Deloitte & Touche in France and the United Kingdom.
Michel-Alain Proch holds a Master's degree in Finance from Toulouse Business School.
About Maisons du Monde
Maisons du Monde is a creator of inspirational lifestyle universes in the homeware industry, offering distinctive and affordable decoration and furniture collections that showcase multiple styles. The Group develops its business through an integrated and complementary omnichannel approach, leveraging its international network of stores, its websites and its catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,111 million and EBITDA of €148 million in 2018. At 31 December 2018, the Group operated 336 stores in 9 countries including France, Italy, Spain, Belgium, Luxembourg, Germany, Switzerland, the United States and the United Kingdom, and derived 40% of its sales outside France. The Group has also built a successful complementary and comprehensive ecommerce platform, whose sales grew by over 30% per year on average between 2010 and 2018. This platform, which accounted for 23% of the Group's sales in 2018, is available in the countries where it operates stores plus Austria, the Netherlands and Portugal. In 2018, the Group acquired a 70% majority stake in Modani, a furniture chain present in the United States through its stores and ecommerce business. Modani, founded in 2007, is an aspirational lifestyle brand, offering high-quality proprietary modern, contemporary and mid-century furniture at affordable price points, with a nationwide presence through a network of 13 showrooms.
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