Lorillard strengthens its management structure with the creation of a Group Managing Director position

 An approach focused on organizational optimization

Since the arrival of Thierry Luce at the start of 2015, the Lorillard Group has undertaken an ambitious transformation process. At the origin of this evolution, the creation of the position of Managing Director marked the beginning of a new era for the company. In 2017, Thierry Luce simultaneously assumed the roles of President and CEO, successfully orchestrating a phase of growth both internally and externally.

Indeed, under his wise leadership, the Lorillard Group has experienced significant expansion. Since 2015, 6 acquisitions have been concluded, strengthening the Group's position in the market. The turnover has seen a meteoric rise, going from 104 million euros in 2015 to 270 million euros in 2023.
A tangible testimony to this expansion is also the multiplication of production sites, going from 3 to 8 during this period. The workforce has also more than doubled, from 620 employees in 2015 to 1350 employees today.

Aware of the structuring issues to ensure peaceful growth, Thierry Luce initiated key initiatives during this year. In this context, the arrival of Michèle Landois, with her experience within the Bouygues Group, as Deputy General Manager for the Works section, marked a new phase of specialization within the Lorillard Group.
This division includes all the supply and installation activities of Établissements Lorillard, representing a turnover of approximately 90 million euros. This appointment allows Thierry Luce to free himself from the direct responsibilities linked to this activity.

In order to respond to new challenges and actively prepare for the future, the Group has decided to create the position of Group General Manager. This decision reflects Lorillard's desire to pursue its growth in a structured and calm manner while anticipating the evolution of its governance. Discussions are currently underway with shareholders* to define the contours of this new stage. The Group remains resolutely committed to operational excellence and innovation, and the appointment of Olivier Vincent to this position is part of a long-term vision aimed at further strengthening Lorillard's position in the market, while ensuring its sustainability and prosperity.

*Group shareholders: Crédit Mutuel Equity banks, Carvest, Messrs Jean Lorillard and Loïc Bréhu, managers and employees.

OLIVIER VINCENT APPOINTED NEW GENERAL MANAGER OF THE LORILLARD GROUP

Thierry Luce took the personal initiative to oversee the recruitment process for Lorillard's future CEO. In collaboration with shareholders, a job description aligned with the Group's strategic aspirations was submitted for their approval. Among the candidates, Olivier Vincent quickly stood out as an obvious choice, particularly due to his previous collaboration with Thierry Luce at the Hydro Group.

Thierry Luce emphasizes that this decision is based on a thorough understanding of Olivier Vincent's skills, stating that "Olivier has the will, the know-how and the abilities to succeed within our Group; he will bring us his knowledge, his skills and an outside perspective at a time when the Group must continue to evolve."

A graduate of EDHEC Business School, Olivier Vincent stands out for his operational approach, aligned with the culture and DNA of the Lorillard Group. Having held the position of Managing Director at Hydro Building Systems France and managing the Technal and Askey brands, Olivier Vincent then led the AluK Group as Director for Europe. His significant contribution to the growth and development of these brands attests to his ability to successfully meet challenges. His solid financial background is a valuable asset to the Lorillard Group, bringing an informed strategic vision and advanced financial management skills. In addition to his operational expertise, Olivier Vincent benefits from an exceptional professional network, offering strategic opportunities for the Lorillard Group.

Starting January 1st, Olivier Vincent will assume his role as Managing Director at Lorillard, marking a new stage in the group's development and strategic direction. A strong pre-existing relationship with Thierry Luce will facilitate the integration process, allowing for a rapid transition to expanded responsibilities. Their mutual familiarity will result in significant time savings during this integration phase and will facilitate the rapid and efficient delegation of responsibilities.
Thierry Luce aspires to work closely with Olivier Vincent and the management team in order to design a new strategic development plan for the Group, covering the period of the next five years, from 2025 to 2030. This ambitious plan will be presented ahead of the summer 2024 to shareholders, executives and employees, demonstrating the Lorillard Group's resolute commitment to growth and a prosperous future.