François Tesch Steps Down as Foyer Board Chairman

Foyer SA held its annual general meeting (AGM) on Wednesday 18 April 2023, at which it announced major changes to its board.

After 40 years of activity in the company, François Tesch, member of the Board of Directors of Foyer SA since 2000 and Chairman since 2014, is stepping down. He will remain within the group as Managing Director of Foyer Finance, the parent company of Foyer SA.

The shareholders took the opportunity to thank François Tesch, who joined the group in 1983, for "his contribution and dedication to the company over the years". They added that he had been able "to identify the opportunities that arose, particularly with the opening of the European markets, to develop Foyer from a Luxembourg insurance company into a financial group of international scope".

François Tesch, outgoing Chairman of the Board of Foyer SA, commented: "I had the privilege of meeting and working with talented colleagues for 40 years and I thank them all for everything they have done for me during this period."

The assembly appointed a new Chairman, Eric Kleynen, a member of the Board of Foyer SA since 2021. The shareholders welcomed this appointment, describing Eric Kleynen in a press release as "a great professional who knows the insurance world very well, having spent his entire career in the insurance business".

In addition to this change in the chairmanship of the board, Foyer SA has announced the departures of Philippe Worré, Michel Tilmant and Alain Huberty, as well as the appointments of Valentine Karsenty, Benoît Tesch, John Penning and Lionel de Hemptinne as directors.

At the AGM, the shareholders also approved the 2022 accounts of Foyer SA. Like the rest of the financial and insurance sector, Foyer was impacted by the war in Ukraine in 2022, with volatile stock markets, the onset of recession and an inflationary context.

The group's turnover amounted to €2.36 billion (€2,360.81 million) in 2022, down 14.7% compared to 2021. Thanks to solid operating results, the consolidated profit after tax stood at €147.72 million for 2022. However, this solid result could not compensate for a negative impact of 8.8% of the valuation of financial assets on equity capital.

Founded in 1922, Foyer SA celebrated its centenary last year. It currently counts 830 employees in three countries and 620 agents in Luxembourg.