New EADS Board elects chairman and approves share buyback
Above: EADS' new chairman, Denis Ranque.
The Share Buyback Programme is to be carried out in accordance with the authority conferred by the Company's shareholders at the Extraordinary General Meeting held on 27 March 2013 for a repurchase of up to 15% of EADS’s issued and outstanding share capital and at a maximum price of € 50 per share.
The programme reflects current market conditions as well as EADS’ balanced approach to organic and external growth while preserving a conservative financial policy and sustainable returns to shareholders. The Buyback is planned to be financed by cash available on the balance sheet. It is also expected to be earnings accretive.
EADS chief executive officer Tom Enders (right) said: “The Share Buyback Programme emphasises 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 Programme 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.”
The Buyback may be carried out by any means, including on stock exchange, in private purchase or via derivative products, subject to market conditions, applicable legal requirements, and other applicable laws. EADS will disclose the results of the Buyback in accordance with its disclosure obligations.
The Buyback will enable EADS to repurchase shares from all its shareholders. Shares acquired through the Buyback will be cancelled.
New Board Composition
Besides the appointment of the new Chairman as well as the reappointment of the CEO, the new Board of Directors also elected the members of the Audit Committee and the Remuneration & Nomination Committees.
Based on their strong experience in recent years, Sir John Parker and Hermann-Josef Lamberti were elected to continue serving as Chairmen of the Remuneration & Nomination Committee and Audit Committee respectively.
Joining Sir John Parker in the Remuneration & Nomination Committee as members are Jean-Claude Trichet, Lakshmi N. Mittal and Hans-Peter Keitel.
Besides Hermann-Josef Lamberti, the Audit Committee is composed of Anne Lauvergeon, Michel Pébereau and Josep Piqué i Camps.
EADS Headquarters reorganisation
The new headquarters organisation of EADS became effective 1st April including the setting up of a single operational headquarters in Toulouse. In the frame of the reorganisation, a total of 116 positions currently based in Paris and 75 positions currently based in Munich are transferred to Toulouse.
Upon conclusion of the Headquarters reorganisation, more than 500 positions – including the integrated functions of EADS and Airbus Human Resources and Finance and a part of Shared Services as well as other key steering functions – will be permanently located in Toulouse, while the Group will retain around 250 service and support functions in Paris and more than 300 in Munich.
The new EADS headquarters in Toulouse will be fully operational as of 1 September 2013.
“I wish to thank the works councils in France and Germany for constructive and trustful negotiations over the last few months. This agreement is a key milestone to further integrating EADS. We will support our employees in the best way possible to ensure a smooth transition process towards a single operational headquarters”, said Tom Enders, CEO of EADS.
