Société Générale has announced that its Board of Directors has selected William Connelly as the future Chairman of the Board of Directors, with the appointment to take effect at the Annual General Meeting scheduled for 27 May 2026. The decision was taken at a board session held on 10 April 2025, establishing a clear and publicly communicated succession timeline for one of France's most senior and most visible corporate governance roles at a systemically important European banking group.
Connelly will succeed Lorenzo Bini Smaghi, who has served as Chairman of Société Générale since 2015. The decade-long chairmanship has encompassed significant strategic shifts at the French group, including major business disposals, structural reorganisations and the appointment of Slawomir Krupa as Chief Executive, whose mandate has centred on simplifying the group and improving returns. Bini Smaghi's tenure bridged multiple demanding periods for European banking, including the era of negative interest rates and the market pressures that compressed valuations across the sector. The selection of a successor nearly 13 months before the planned handover reflects the board's intention to manage the transition with maximum transparency and orderliness.
GOVERNANCE BEST PRACTICE AND REGULATORY TIMING
The decision to announce the future chairman's identity at such an early stage is consistent with the best practice standards that apply to major listed European financial institutions, where leading corporate governance codes and supervisory expectations encourage clear succession planning well in advance of executive and non-executive leadership changes. The European Central Bank's Single Supervisory Mechanism, which oversees significant institutions in the euro area, takes a close and formal interest in the fitness and propriety of board chairs, and early public disclosure of the selected candidate provides regulatory authorities with adequate time to conduct their own assessment procedures.
The announcement was published on the Société Générale website and through standard stock exchange disclosure channels, in line with the group's obligations as a listed company under French and European securities regulation. Société Générale has not released detailed biographical information about Connelly alongside the announcement beyond confirming his selection as the future chairman and his planned effective date. Under French corporate governance requirements, the appointment will be formally put to a vote of shareholders at the May 2026 General Meeting, where it will require approval to take effect.
CONTINUITY DURING STRATEGIC TRANSFORMATION
The transition in the chairmanship arrives as Société Générale continues to execute the strategic plan that Chief Executive Krupa has been implementing since his appointment in 2023. The plan has prioritised simplification of the group's structure, improvement of capital efficiency, and a restoration of investor confidence following a period during which the bank's market valuation traded at a meaningful discount to book value. Progress on those goals has been gradual but measurable, and the board's forward planning on the chairmanship communicates institutional continuity and stability rather than any disruption to the strategic direction.
The working relationship between a bank's non-executive chairman and its chief executive is one of the defining dynamics of European banking governance, shaping how boards oversee strategy, manage risk and engage with regulators and major shareholders. The incoming chairman will work alongside Krupa as the group moves through what management has described as a period of operational and financial normalisation. With the effective date of Connelly's chairmanship not until May 2026, there is considerable time for a well-structured handover of board responsibilities and for him to deepen his familiarity with the institution before formally assuming the role.