In late 2018, Fives made changes to its governance and executive bodies to increase agilility in a rapidly changing world. This new organization is based on the principle of decentralized responsibilities and balance: on the one hand, business units (BU) on a human scale, grouped in divisions, which make the main operational decisions and which foster interaction between their constituent subsidiaries; and on the other hand, a skilled and streamlined central structure, which defines and ensures the Group’s general policies and strategy are consistent.
On December 20, 2018, Fives became a Simplified Joint-Stock Company (Société par Actions Simplifiée - SAS). Frédéric Sanchez is still Chairman & Chief Executive Officer of the Group, supported by a Deputy Chief Executive Officer, Martin Duverne, as well as a Supervisory Committee, a new statutory body at Fives.
The Group also has operational bodies, including a newly created Senior Executive Committee. It is supported by an Executive Committee, local Coordination and Steering Committees and a Foresight Committee.
The company’s management is controlled by a newly created Supervisory Committee, made up of external individuals, independent members and members of the Audit Committee: Philippe Reichstul, François Dufresne, Dominique Gaillard, Pierre Heinrichs, Heyoung H Lee Bouygues, Jean-Georges Malcor, Antonio Marcegaglia, and Laurence Parisot.
This scaled-back management body answers to the Chairman & CEO of Fives. It meets regularly to set the Group’s transverse priorities and policies.
The Senior Executive Committee manages talent and development, responds to cross-business operational and organizational questions from
Group entities, and makes budget decisions, particularly in relation to services, procurement, human resources and corporate social responsibility.
The priority for the Executive Committee is to implement decisions taken by the Senior Executive Committee and to assess the relevance and effectiveness of cross-business policies on the basis of feedback about their application. It is an opportunity for its members to exchange information and share experiences.As of Dec. 31, 2018
In North America, China and Italy, these committees implement cross-business policies adapted to the specific features of each country, where required. They foster interaction and the exchange of information and best practices between subsidiaries in the same geographic region.
This newly created committee aims to be a think tank, a source of proposals and a means for disseminating managerial information. It brings together young or future managers who have the opportunity to provide a unique input to discussions on the Group’s future, and to feed back information from the field.