Decade of Significant Transformation: 2003-2013 in Our Corporation's History
Our company, [Company Name], embarked on a transformative journey in 2003, when Patrick Kron took the helm as General Director. This marked the beginning of a significant period of change, as Kron was also appointed as Chairman and CEO on the same year.
In the following months, Kron's influence extended further, with his appointment as President-General Director on March 11, 2003, and as Chairman of the Board on July 24, 2003.
The company was facing a critical period, having struggled for survival from 2003 to 2005. However, the French government presented an intervention plan approved by the European Commission, which helped rescue our company from bankruptcy.
During this challenging time, the management drew up a crisis exit plan with a focus on the company's core activities: electricity generation and railway infrastructure.
In 2003, the company's order book shrank to just one year's worth of sales. But by 2005/06, the conglomerate reported a net profit of €178 million after four years of losses.
One of the significant milestones during this period was the sale of the electricity transmission and distribution division to Areva in 2004. This decision allowed the company to focus more on its core activities.
In the same year, at the request of shareholders, the French government temporarily became a minority shareholder in the company.
The company's resurgence continued in 2006, with its shares returning to the CAC 40 category within three months. This was a testament to the successful implementation of the crisis exit plan.
In the same year, the company underwent a significant restructuring, reducing its workforce from 110,000 to 65,000.
The company's expansion into the wind energy sector was another notable achievement. In 2007, it established a strong position in this sector by acquiring the Spanish company Ecotecnia and setting a new world record for railway speed.
The company's international presence has been a key focus in its long-term strategy. It is building its presence, particularly in countries with rapidly developing economies.
In 2005, the Power Conversion division was spun off as an independent company. The following year, the Marine division was sold to Aker Yards, and Bouygues purchased the French government's 21.03% stake in our company, increasing its ownership to 31%.
Patrick Kron's leadership extends beyond our company. He holds various other authorities and positions, including membership on the supervisory boards of Bouygues, the French Association of Private Enterprises (AFEP), Les Arts Florissants, ALSTOM Resources Management, ALSTOM UK Holdings Ltd, Imerys, and Vivendi Universal.
Kron's contributions to the company have been recognised with several honours. He was awarded the Legion of Honor on September 30, 2004, and became a knight of the National Order of Merit on November 18, 2007. He also owns 9,011 shares of our company.
The company's future continues to be shaped by its commitment to developing the broadest range of products and services in the power generation infrastructure sector. With Patrick Kron at the helm, our company is poised for continued growth and success.
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