SG's deputy head to retire

Philippe Citerne, deputy chief executive of Société Générale, will retire at the end of next month.

Citerne, one of three deputy CEOs at the French bank, has held the position since September 2006. He was previously head of the resources and services division. He was sole chief executive from 1997 to 2006, and was subsequently joined by co-chief executive Didier Alix. A third co-chief executive, Frédéric Oudea, joined Alix and Citerne in March last year, before being promoted to chief executive in May.

Citerne will not be replaced, the bank said. His duties will be taken over by the other two deputies, Alix and Séverin Cabannes.

Since the bank discovered the loss of €4.9 billion in January 2008, due to alleged unauthorised investments by trader Jerome Kerviel, it has overhauled its senior management structure. Its investment banking arm SGCIB reorganised its management last month, a new security and fraud department was set up in late 2008, and former chief executive Daniel Bouton stepped down in April 2008.

See also: SGCIB reshuffles management team to integrate divisions
SG's Johnson relocates to Paris from Seoul
Bouton steps down as SG chief executive