Changes to SES-imagotag's Board of Directors
and nomination of Peter Brabeck-Letmathe
- Resignation of two BOE directors, following the decrease in BOE's equity holding to 32%
- Peter Brabeck-Letmathe co-opted by SES-imagotag's Board as an independent director
- Independent directors now comprise 50% of the Company's Board of directors
SES-imagotag (Euronext: SESL, FR0010282822), the global leader in digital solutions for physical retail, today announced a change to its governance and a modification to the composition of its Board of directors, following BOE's sale of 1.5 million shares of the company. As of today, BOE no longer has a controlling equity stake in SES-imagotag, and therefore no longer has a majority on the Company's Board of directors. Peter Brabeck-Letmathe has joined the Board as an independent director; his Board membership will be ratified at the next general meeting of shareholders.
Peter Brabeck-Letmathe is Chairman Emeritus of Nestlé, Vice-Chairman of the Board of Trustees of the World Economic Forum, and Chairman of the GESDA (Geneva Science & Diplomatic Anticipator). He has been a member of the Boards of directors of several companies with global reach such as Roche, L'Oréal, Credit Suisse, and Exxon Mobil. Mr. Brabeck-Letmathe will remain in his position as Chairman of the Company's International Advisory Board (IAB) which he has chaired since 2019.
Following Mr. Brabeck-Letmathe's co-optation as a Board member and the resignations of Xiangjun Yao and Feng Bai, the composition of the Board of directors will adhere to the regulations of the AFEP-MEDEP regarding companies that do not have a controlling shareholder, by having independent directors comprise 50% of Board members. The chart below outlines the new composition of the Board of directors:
| Mr. Thierry Gadou | Chairman and Chief Executive Officer |
| Mr. Peter Brabeck-Letmathe | Independent director |
| Ms. Candace Johnson | Independent director |
| Mr. Frank Moison | Independent director |
| Ms. Hélène Ploix | Independent director |
| Ms. Fangqi Ye | Director, BOE |
| Mr. Rengui Chen | Director, BOE |
| Ms. Cenhui He | Director, BOE |
| Mr. Johnson Lee | Observer |
Peter Brabeck-Letmathe commented: "I am happy to continue to contribute, in this new phase, to the fascinating enterprise that is SES-imagotag, at the heart of the digitalization of the retail sector."
Thierry Gadou, Chairman and CEO of SES-imagotag concluded: "As Chairman of the International Advisory Board, Peter Brabeck-Letmathe has provided invaluable counsel to SES-imagotag. Going forward, his unique and internationally acclaimed experience will continue to benefit the Company by contributing to its overall governance and to the execution of our VUSION '27 strategic plan. I would like to express my heartfelt gratitude for the precious time he has dedicated to us, particularly in light of his many responsibilities. I would also like to praise BOE for their support and contribution over the past five years, and I am delighted with the long-term relationship that we continue to build."
About SES-imagotag and the VUSION Retail IoT platform
SES-imagotag is a world leader in smart digital labels and IoT solutions for physical retail, serving over 300 large retailer groups around the world in Europe, Asia and North America.
SES-imagotag has developed the VUSION Retail IOT technology platform to help retailers transform their physical stores into high value digital assets, more automated, data-driven, and connected in real-time to suppliers and consumers. VUSION improves the agility, precision and accuracy of prices, whilst ensuring the omnichannel synchronization of prices, product information and marketing campaigns. The platform developed by SES-imagotag also optimizes in-store order preparation and restocking.
VUSION improves employee satisfaction by freeing up time from cumbersome low value-added tasks and allowing them to focus on customer service and merchandizing tasks. VUSION connects shelves to the Cloud, providing real-time accurate information on product availability and location, allowing for reduced inventory, out-of-stock, and waste, as well as improved on-shelf availability and merchandizing compliance. VUSION empowers consumers with better product, nutritional and traceability information at the shelf and enables a frictionless in-store shopping experience with features such as product search, pathfinding and cashier-less scan & pay features.
SES-imagotag supports the United Nations' Global Compact initiative and has received in 2022 the Platinum Sustainability Rating from EcoVadis, the world's reference of business sustainability ratings.
SES-imagotag is listed in compartment A of the Euronext Paris exchange
Ticker symbol: SESL - ISIN code: FR0010282822 - Reuters: SESL.PA - Bloomberg: SES
www.ses-imagotag.com
Investor Relations contact:
Labrador - Raquel Lizarraga / +33 (0)6 46 71 55 20 / raquel.lizarraga.ext@ses-imagotag.com
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