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Investing.com -- Nexans SA (EPA:NEXS) stock tumbled 8.4% on Monday after the French cable manufacturer announced an abrupt leadership change, with Julien Hueber replacing Christopher Guérin as Chief Executive Officer, effective immediately.
The Paris-based company said its Board of Directors made the decision to "create a new momentum to further optimize performance" while executing the roadmap presented during its last Capital Market Day. The company did not provide specific reasons for parting ways with Guérin, who had served as CEO for seven years.
Hueber, 55, is currently Executive Managing Director of PWR Grid & Connect Europe, a €2.6 billion business with 23 manufacturing plants. A 23-year veteran of Nexans and member of the Executive Committee since 2018, Hueber has experience in supply chain management and extensive knowledge of the Asia-Pacific region.
"Over the past 23 years, Julien has demonstrated exceptional leadership and a profound understanding of Nexans’ business, operating model, and culture," said Jean Mouton, Chairman of the Board of Directors, in the announcement.
The Board expressed gratitude to Guérin for his "exceptional contribution" to Nexans, crediting him with transforming the company into a "focused leader in sustainable Electrification." Guérin will remain available to assist with the transition until October 31, 2025.