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Valeo's Combined Annual General Shareholders' Meeting Notice


April 2007
 Filed under: CORPORATE Car News | CORPORATE Headlines
PARIS, April 10/PRNewswire-FirstCall/ -- - Appointment of Five New Independent Board Members

The Valeo (OTC: VLEEY) Board of Directors, which met today has called the Combined Annual General Meeting of Shareholders (AGM) to be held on May 21, 2007 at 3 pm at the Palais des Congres, Paris 17th.

The Board of Directors will propose to the AGM the appointment of three new Board Members, the ratification of the co-optation of two Board Members and the renewal of four current Board Members. If these nine candidates were to be approved by the shareholders, the Valeo Board would have eleven Board Members of which nine would be independent.
The Board will submit for approval by the shareholders the appointment of the following new Board Members:

Gerard Blanc, Executive Vice President of Operations at Airbus from 2004 to 2005. He was responsible for all of the European research centers and facilities as well as for quality and information systems. He joined Airbus in 1985 after ten years spent with Aerospatiale Avions.

Pascal Colombani, Associate Director at AT Kearney Paris with responsibility for innovation, technology and energy since 2003. From 2001 to 2003, he was Chairman of the Supervisory Board of Areva, and from 1999 to 2001 he was Chairman and Chief Executive Officer of the French Commission for Atomic Energy. Previously he was Director of Technology at the Ministry of Research. He began his career at the French National Center for Scientific Research (CNRS) before joining Schlumberger where he held a variety of positions until 1997. Pascal Colombani is an independent board member of British Energy, Alstom, and Rhodia.

Lord Jay of Ewelme, Permanent Under-Secretary of the United Kingdom Foreign and Commonwealth Office from 2002 to 2006. In this role he was Head of the Diplomatic Service. He was British Ambassador to Paris from 1996 to 2001. He joined the Foreign Office in 1982 having spent twelve years in the Ministry of Overseas Development. In June 2005 he was in charge, for the British Prime Minister, of the preparation of the G8 Gleneagles Summit on climate change.

The Board will submit for approval by the shareholders the ratification of the co-optation of the following two Board Members:

Helle Kristoffersen, Vice President Corporate Strategy with Alcatel Lucent, a Group within which she has held a variety of management positions since 1994. She began her career at the Lazard Investment Bank before joining the management of Bollore Technologies.

Georges Pauget, Chief Executive Officer of Credit Agricole S.A. since September 2005. He is Chairman of Cedicam and Uni-Editions and is also a member of the Executive Committee of the French banking federation (FBF). Georges Pauget has spent his entire career in the Credit Agricole Group. The Board has co-opted Georges Pauget as an independent administrator to replace Yves-Andre Istel who has resigned.

The Board will submit for approval by the shareholders the renewal of the four following Board Members:

Pierre-Alain De Smedt, Executive Vice President Industry and Technology of Renault from 1999 to end 2004 and a member of the Executive Committee of the Renault Group and of the Renault/Nissan Alliance Board. In 2006 he also became Chairman of the FEBIAC (the Belgian Federation of the car industry). He has also been Chairman of Seat, Chairman of Autolatina, a joint venture between Volkswagen and Ford, Financial Director of Volkswagen and of Bosch Belgium. Pierre-Alain De Smedt began his career with Solvay.

Philippe Guedon, Legal Manager of Espace Developpement since 2003. In 1983 he became Chairman and Chief Executive Officer of Matra having been Technical Director and Research Engineer. Prior to this he held different engineering positions with Simca. He is the inventor of the Matra 530, the Bagheera, the Rancho, the Murena, the Espace and the Avantime.

Thierry Morin, appointed Chairman and Chief Executive Officer of Valeo in 2001. He joined Valeo in 1989 as Financial Director of the Transmissions Branch and subsequently held different positions within the Group. Prior to joining Valeo, Thierry Morin was Deputy Director of the ISD Division at Thomson Consumer Electronics in Los Angeles and also held various financial positions during ten years spent with Schlumberger.

Erich Spitz, who joined Compagnie Generale de TSF (subsequently Thomson-CSF) in 1958. He began his career with the company as Director of the Central Research Laboratory before becoming Research and Development Director of the Thomson Group from 1983 to 1994. He is a member of the Academie des Technologies and a correspondent member of the Academie des Sciences.

Other resolutions to be proposed to the Annual General Meeting

The Board will present to the AGM the payment of a dividend of 1.1 euros per share. Payment of the dividend is planned for June 1, 2007. Finally, the Board will propose the renewal of the financial authorisations concerning capital increases with or without preferred subscription rights as well as the renewal of the authorization to repurchase the company's shares.

Moreover the Group is continuing to examine all strategic options and will keep its shareholders informed at the appropriate time of any development on this issue as necessary.

Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 129 production sites, 68 R&D centers, 9 distribution platforms, and employs 69,800 people in 29 countries worldwide.

Source: Valeo Management Services

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