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Originally published January 26, 2012 at 12:05 PM | Page modified January 26, 2012 at 5:58 PM
Airbus' Enders named CEO at parent company EADS
European plane and arms manufacturer EADS named Tom Enders its new CEO on Thursday.
The Associated Press
PARIS — European plane and arms manufacturer EADS named Tom Enders its new CEO on Thursday, saying the German will take over later this year from Louis Gallois.
EADS, a German-French conglomerate, is a hallmark of European manufacturing. As the parent company of plane maker Airbus, it competes fiercely with Boeing.
The German and French states closely monitor its management, both to ensure the balance of power between the two countries and as a matter of promoting European manufacturing.
When Germany's Daimler sought to sell its stake in EADS last year, a German state-owned bank stepped up to buy it to maintain the balance of ownership.
For many years, EADS had co-CEOs, one from each country. In 2007, it switched to one chief executive, whose nationality alternates.
Enders, 53, who is currently the CEO of Airbus, will take over after the company's May 31 annual meeting, when Gallois' five-year mandate expires.
At the same time, Arnaud Lagardere, who runs the media company that bears his name, will take over as chairman of the board.
Fabrice Bregier will become CEO of Airbus.
The company has also proposed that Jean-Claude Trichet, whose term as president of the European Central Bank ended last year, join its board.
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