UPDATE 2-Cable maker Nexans splits chairman, chief executive roles

jueves 15 de mayo de 2014 09:59 GYT

* Top shareholder wants end to lock-up agreement

* AGM later on Thursday (Adds shareholders' comments, shares)

By Gilles Guillaume

PARIS, May 15 (Reuters) - French cable maker Nexans bowed to shareholder pressure for a management shakeup on Thursday and split chairman and chief executive Frederic Vincent's dual role.

Vincent will remain chairman while Chief Operating Officer Arnaud Poupart-Lafarge will take over as CEO, the company said.

Nexans also said its top shareholder, Chilean copper group Invexans, had asked to end the agreement that locks its holding at between 25 and 28 percent and gives it the right to appoint three board directors. Invexans owns 28 percent of Nexans.

The Chilean group said in a statement it was not seeking to take control of the French company and had no plans to cut its stake or increase it above 30 percent.

The statement came just hours ahead of the company's annual meeting, at which hedge fund Amber Capital plans to lead a rebellion against Vincent, having forced onto the agenda a resolution to dismiss him from the board citing underperformance since he took over in 2009.

"We welcome this totally unexpected change of tack by the board. It's up to shareholders to decide now," a spokesman for Amber Capital said.   Continuación...