EXCERPTS FROM THE THOMAS FEAT ARTICLE
French law does not provide for recourse for managers of public limited companies forced to exit by the general meeting, the board of directors or the supervisory board, in particular in listed companies. Obtaining compensation in the event of abusive revocation remains, moreover, very difficult.
A vexatious procedure
For Pierre Mudet: “ the board of directors or supervisory board of such a structure does not need a just cause, namely a serious reason characterized as a serious fault or a difference of strategic view, to request the departure of a manager ».
If the room for maneuver of a corporate officer pushed to exit by a board of directors or supervisory board is inexistent, he nevertheless has, in theory, means of recourse to obtain compensation for a brutal dismissal. In practice, however, such steps remain rare. Especially the corporate officers fear for the rest of their career. " Reputational risk is often higher than the prospects for compensation »Indicates Pierre Mudet.
Pierre Mudet works mainly in the areas of stock market law, mergers and acquisitions and company law with clients of listed and unlisted companies in the context of national and international transactions.
He advises industrial groups, banks, investment funds and innovative companies in the new technologies sector.