BIC Group CEO to Retire
BIC Group, Clichy, France, announced in a press release that the company's CEO, Mario Guevara, has decided to retire. The board of directors will propose two options—to combine the chairman and CEO functions, and to nominate chairman of the board Bruno Bich as chairman and CEO. One of Bich's responsibilities would be to continue to develop a CEO successor.
The company saw 2,241.7 million euros in net sales for fiscal year 2015—an increase of 6.2 percent year-over-year.
"In light of BIC's 2015 solid performance and [BIC's] strong balance sheet, our board of directors has decided to recommend a 2.40 euros exceptional dividend in addition to the 3.40 euros ordinary dividend per share," Bich said. "In order to recognize and reward their commitment and performance, we have also decided to pay a special premium to employees."
Guevara said he was proud of the company's fiscal year result.
"We are proud to deliver another strong set of results, with robust sales growth and a further improvement in normalized income from operations," Guevara said in the press release. "In 2016, capitalizing our strong financial structure, we decided to strengthen our investments in order to enhance mid- and long-term growth. Considering the recent evolution of the promotional products industry's environment, the board has decided to initiate a review of strategic alternatives for BIC Graphic."
Along with Guevara's decision, the company announced that Francois Bich, the company's executive vice president, is retiring as well, but would remain on the company's board along with Guevara.
"On behalf of our board, I want to express our gratitude to Mario Guevara for his contribution to the success of our group during his career," Bruno Bich said in the press release. "Under Mario's guidance, BIC reinforced its leadership positions throughout the world and significantly improved net sales and results. We wish him the best for his retirement."
For more information on BIC Graphic, visit www.norwoodbic.com.