Jean-Paul Gut

Jean-Paul Gut is a trained economist and a former executive at the European Aeronautic Defence and Space Company (EADS), now a part of Airbus.

Career

Jean-Paul Gut graduated from Sciences Po in Paris with a master's degree in economics.[1]

He began his career at Matra. When Matra and Aérospatiale merged in 2000, he was appointed President of Aerospatiale Matra Lagardère International and Deputy Director in charge of defense and space transportation.[2]

EADS (now Airbus)

In 2005, Gut became the executive director of the European Aeronautic Defence and Space Company (EADS), and director of EADS International, which became part of Airbus. In June 2006, when Jean-Louis Gergorin left EADS,[3] he was assigned to be in charge of the company's global strategy, thus becoming executive director of marketing and strategy, overseeing all international operations, and heading the division called SMO-IO,[4] staffed with 150 employees, running a budget of $ 300 millions.[5]

A year later, in June 2007, he resigned from EADS, and was replaced by Marwan Lahoud.[6] His severance pay was said to be 2.8 million euros, the equivalent of a 24-month salary for 24 years worked at the company.[7][8] In fact, Gut had received more than 80 million euros, in a covered payment, as was revealed later by the French investigative newspaper Mediapart.[9][10][11]

Consulting company

Gut created his own consulting company in London, Coolmore International, catering to French and European companies looking to expand internationally, and connecting foreign investors with European corporations working on large-scale development projects.[12] In 2007, one of his main clients was Airbus.[13]

Suspicions of insider trading

In June 2008, Gut was indicted for insider trading.[14][15][16] He was accused of selling his EADS shares in March 2006 based on information indicating that the Airbus A380 and A350 programs would face delays, which heavily negatively impacted the stock price following the official announcement. On December 17, 2009, the Financial Markets Authority overruled its rapporteur who sought sanctions, cleared Gut of any wrongdoing,[17] and the case was closed without penalties.[18] However, the prosecutor's office maintained the accusation.[19] In 2014, a criminal trial was initiated by the prosecutor's office,[20] but following a priority constitutional question, the Constitutional Council upheld the application of the non bis in idem principle (double jeopardy), and the case was definitively closed without conviction.[21][22][23][24]

Sources and references

  1. ^ Documentation for Annual General Meeting (PDF) (Report). EADS. 11 May 2005. p. 23.
  2. ^ Neu, Jean-Pierre (23 April 1999). "Aerospatiale et Matra dévoilent leur nouvel état-major" [Aerospatiale and Matra unveil their new headquarters]. Les Echos (in French).
  3. ^ Trévidic, Bruno; Ruello, Alain (11 May 2006). "Gergorin déchargé de ses responsabilités chez EADS" [Gergorin relieved of his responsibilities at EADS] (in French). Les Echos.
  4. ^ https://universitepopulairetoulouse.fr/IMG/pdf/article_799698.pdf
  5. ^ "Airbus: de nouvelles enquêtes pour corruption dans le monde entier". L'Express. 7 February 2020.
  6. ^ "Another Early Departure at Airbus". Forbes. 11 June 2007.
  7. ^ "Gut ache at EADS as Jean-Paul quits". ArabianBusiness.com. Reuters. 11 June 2007. Archived from the original on 6 October 2014.
  8. ^ "Another Early Departure at Airbus". Forbes. 11 June 2007.
  9. ^ Buschmann, Rafael (19 October 2017). "Airbus Corruption Scandal: 80 Million Euro Severance Package". Der Spiegel.
  10. ^ "Chez Airbus, un parachute doré à 80 millions d'euros".
  11. ^ Martine Orange; Yann Philippin (21 October 2017). "Airbus's 80 million-euro golden parachute to former executive". Mediapart.
  12. ^ "COOLMORE INTERNATIONAL LIMITED". Find and update company information. GOV.UK.
  13. ^ "UNITED KINGDOM : Lagardere Group Extends Its Reach - 13/12/2007". Intelligence Online. 13 December 2007.
  14. ^ Gallois, Dominique; Gatinois, Claire (18 June 2008). "Affaire EADS : Jean-paul Gut a été mis en examen et sous contrôle judiciaire" [EADS affair: Jean-Paul Gut indicted and placed under judicial supervision] (in French) – via Le Monde.
  15. ^ "Insiderhandel, Schmiergeld: EADS im Skandal-Strudel". Der Spiegel. 18 June 2008.
  16. ^ Pierre-Antoine Souchard; Emma Vandore (19 June 2008). "2nd Former EADS Executive Charged in Insider Trading Probe". Washington Post. Associated Press.
  17. ^ "Affaire EADS : qui étaient les 7 dirigeants les plus menacés ?" [EADS Affair: Who were the 7 most threatened executives?]. Challenges (in French). 17 December 2009.
  18. ^ L'AMF referme le dossier EADS sans aucune sanction, actualité Économie : Le Point
  19. ^ "Daimler faces EADS insider trading trial". The Local Germany. AFP. 3 December 2013.
  20. ^ "Le « procès EADS » en cinq questions" [The "EADS process" in five questions] (in French). Le Monde with AFP. 1 October 2014.
  21. ^ "Fin du procès pour délits d'intitiés d'EADS? Jugement le 18 mai". Challenges. 11 May 2015.
  22. ^ Laurence Boisseau (19 May 2015). "EADS : fin du procès des délits d'initié présumés". Les Echos.
  23. ^ "Délit d'initié : l'affaire EADS enfin refermée". Le Figaro. 18 March 2015.
  24. ^ "EADS: il n'y aura pas de procès pour délit d'initiés". L'Express. 18 May 2015.
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