The CEO of French insurance conglomerate Covea has resigned from the board of fellow insurer SCOR following a failed takeover attempt conducted by his company. In an email to employees on Tuesday, chief executive Patrick Pouyanne said he had decided not to continue as chairman and was stepping down after two years in office. The offer is said to have been worth €8.2bn ($9.2bn). Covea CEO Thierry Derez had previously temporarily withdrawn from his position on SCOR's board, citing a conflict of interest. Covea is SCOR's largest shareholder, owning roughly an 8.2% stake of the company.
The CEO of French insurance conglomerate Covea has resigned from the board of fellow insurer SCOR following a failed takeover attempt conducted by his company. SCOR had rejected an acquisition attempt from Covea in September. The offer is said to have been worth €8.2bn ($9.2bn). Covea CEO Thierry Derez had previously temporarily withdrawn from his position on SCOR's board, citing a conflict of interest. Covea is SCOR's largest shareholder, owning roughly an 8.2% stake of the company.