Novethic journalists demand clarity on their future from owner, French sovereign wealth group CDC, after mandate of respected CEO is terminated.
Questions raised over imminent funding roll-over by staff
Following a decision to end the mandate of chief executive, Anne-Catherine Husson-Traore, journalists at Novethic, the respected French media/research group that specialises in sustainable finance, have written an open-letter to owner la Caisse des Dépôts (CDC), demanding clarity on the media group’s future.
Husson-Traore is one of France’s and Europe’s most high profile figures in ESG.
She was a member of the High-Level Expert Group that drove the EU’s legislation push in the field and has been with Novethic for 23 and a half years, of which more than 18 years have been in the CEO role. Prior to Novethic she spent many years as a manager and reporter at French television channels.
Nathalie Tubiana, Director of Finance and Sustainable Policy at CDC has also announced that she will leave her role as Novethic’s President from July 15 to be replaced in the Novethic role by Hélène Gerbet, an operational head at CDC.
Novethic is a 100% subsidiary of CDC, France’s sovereign wealth investment group. The group recently announced lower growth in its business results of €51m versus its 2022 figures.
Novethic is fully funded by CDC on a rolling three-year basis, but has yet to have confirmation of its financing for the period 2025-2028, according to the journalists, who say that the CDC’s board has not yet confirmed that funding will be available.
In an interview with French media, Antoine Saintoyant, Director of Strategic Investments at CDC, spoke about measures required to put Novethic on an even footing.
In their letter, the Novethic journalists have asked CDC to clarify what those measures will be.
The journalists say in their letter: “What will happen to Novethic’s employees from Jan 21, 2025? Is the media organisation going to be sacrificed? Today, we are plunged into uncertainty and expect clear responses from our owner.”