Valeo says board member Gilles Michel to become chairman

PARIS (Reuters) - French car parts maker Valeo on Thursday said board member Gilles Michel will become its new chairman of the board, effective Jan. 1, 2023.

Michel will replace Jacques Aschenbroich, who will step down on Dec. 31, in line with commitments he made in the context of his appointment as Chairman of French telecoms group Orange and as announced in March 2022, the statement said.

Michel, who has extensive experience in the automotive industry, has been an independent director of Valeo since May 23, 2018.

He has been chairman of the Compensation Committee and of the Governance, Appointments and Corporate Social Responsibility Committee since October 24, 2019, and a member of the Strategy Committee since July 22, 2022.

(Reporting by Dominique Vidalon)