EADS co-chief executive Philippe Camus has slammed the campaign to replace him with Airbus boss Noël Forgeard as "pitiful" and a poor example of corporate governance "not worthy of a country like France".
Camus - who will rejoin EADS shareholder Lagardère in May - told journalists in Paris last week that the EADS board had not discussed the choice of his successor. Late last year French media quoted sources saying the government, which owns 15% of EADS, wanted him replaced by Forgeard. Camus agreed to resign to prevent a power struggle. His German counterpart, Rainer Hertrich, is also resigning and will be succeeded by Tom Enders.
Both men will leave EADS on a strong footing. Camus said the company expected to report earnings before interest and tax for 2004 of g2.3 billion ($3 billion), up €100 million on forecast, thanks to strong Airbus and defence deliveries. Operating margins were on track to hit EADS's 10% goal.
HELEN MASSY-BERESFORD / PARIS
Source: Flight International
