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TotalEnergies shareholders have approved a resolution that would open the way for chair and chief executive Patrick Pouyanné to extend his term at the helm of the oil major beyond the end of the decade.
Shareholders on Friday voted in favour of extending the upper age limit for Total’s chief executive from 67 to 70, and from 70 to 75 for its chair.
The change removes the requirement for Pouyanné, one of France’s most outspoken bosses who has led Total since 2014, to step down in 2030 when he turns 67.
It comes as the group gradually starts to prepare a succession plan, though Pouyanné has made it clear that he is keen to stay on until at least the end of the decade.
“As long as the board trusts me, as long as I’m useful and having fun, I’ll carry on,” he told Le Figaro newspaper in an interview this week ahead of the annual meeting. He added that he felt “responsible for the rollout of the strategy I’ve proposed for the 2020 to 2030 decade . . . beyond 2030, we’ll see”.
Pouyanné is expected to seek backing for another three-year term at next year’s annual meeting, according to Total insiders and people who know the company. The succession plan would thereafter likely involve his remaining as chair initially, an approach favoured by many leading French companies.
Total’s lead independent director Jacques Aschenbroich told Friday’s shareholder meeting that the board had proposed the age extension. “We decided we should give ourselves more flexibility . . . while at the same time asking Patrick Pouyanné to organise what comes next,” he said.
Pouyanné, who worked in oil exploration and production for years at Total, including in Qatar, was elevated to the top job after predecessor Christophe de Margerie was killed when his jet crashed upon take-off in Moscow. He took on the chair role a year later.
Total has endured a turbulent period, including taking writedowns of nearly $15bn on its Russian operations in 2022 when that country invaded Ukraine.
But it has also been one of the most consistent among the global oil majors in pursuing a strategy of expanding its renewables business while also continuing to develop new oil and gas projects. Continued investments in fossil fuels have made it a target for environmental campaigners, who protested outside Total’s headquarters on Friday.
The group has also faced a political backlash in France over recent windfall profits from the Iran war.
Pouyanné has not named a successor, although Stéphane Michel, head of the company’s gas, renewables and power division, and formerly an exploration and production specialist, is viewed as a strong internal contender, bankers and people close to the group have said.
Other rising stars include Aurélien Hamelle, Total’s strategy director and former legal head. Total declined to comment.
