The new EADS board of directors elected Denis Ranque as chairman and reappointed Tom Enders as CEO at its first formal meeting. The board also approved an 18-month share repurchase program of up to €3.75 billion ($4.806 billion).
The share buyback program allows 15% of EADS’s issued and outstanding share capital at a maximum price of €50 per share.
“The share buyback program emphasizes our commitment to create value for all shareholders. It also underlines our confidence in the equity story of EADS and our business plans. The share buyback program represents good use of company funds in the interest of EADS and its shareholders and it preserves, at the same time, our strategic flexibility and a sound balance sheet,” Enders said.
EADS has also begun moving to a single headquarters unit in Toulouse. A total of 116 positions from Paris and 75 positions from Munich were moved to the Toulouse location for the Airbus parent, as of April 1.
When the headquarters reorganization is complete Sept. 1, more than 500 positions—including the integrated functions of EADS, Airbus human resources, finance and a part of shared services, as well as other key steering functions—will be permanently located in Toulouse. The Group will retain about 250 service and support positions in Paris and more than 300 in Munich.
At the end of last year, EADS completed a major ownership restructuring agreement with France and Germany taking equal positions in EADS.
Enders called the agreement a “key milestone to further integrating EADS.”