Kocher to lead French power major GDF SUEZ?
Current CFO to replace Gerrard Mestrallet in two years,reports say.
GDF SUEZ chief financial officer (CFO) Isabelle Kochner looks set to take the top job after being unanimously proposed by the power major’s nominations committee, according to French daily Le Figaro.
If approved by shareholders she will replace the long serving Gerard Mestrallet as chief executive officer (CEO) who has held the office for 20 years but is due to step down in April 2016.
The committee will propose Kocher's appointment to the GDF SUEZ board, but no date has been set for a board meeting, the newspaper said.
Mestrallet’s mandate was renewed for four years in April 2012.
GDF SUEZ is the largest multinational operating in the Middle East power sector, being involved in a number of Independent Water and Power Projects (IWPPs) throughout the region.
It’s is the lead developer for the 1,600MW Mirfa IWPP in Abu Dhabi which was recently signed off with the Abu Dhabi Water and Electricity Authority (ADWEA).
ADWEA holds an 80% equity interest in the project with the remaining 20% held by GDF SUEZ.
The water and electricity that will be produced by the Mirfa plant will be sold to the Abu Dhabi Water and Electricity Company (ADWEC) under a Power and Water Purchase Agreement (PWPA) for a 25-year period.
The plant also has the capacity to produce 52.5 MIGD (238,665 m3/day) of desalinated water.