French seismic player CGG has informed that its chief executive officer, Jean-Georges Malcor, will step down from the position once the restructuring process of the company is completed.
The announcement follows the favorable decision of the Paris Commercial court approving the safeguard plan of CGG.
The implementation of the financial restructuring plan is expected to be completed in Q1 2018, following which the CEO will step down.
Jean-Georges Malcor has held the CEO position for the last eight years. He will remain in the company until his retirement on October 01, 2018 in order to support the new CEO taking the office.
As CGG informed, the board of directors will immediately launch the search for a new chief executive officer.