Alain Hellebaut (Maxi Toys) becomes FNG's executive chair

Alain Hellebaut, CEO of toy chain Maxi Toys, has been appointed executive chair of FNG. Hellebaut thus takes over the responsibilities of resigning CEO Paul Lembrechts. In the meantime, he will also remain at the helm of the toy chain.

Internal succession

Hellebaut will take over the responsibilities of Lembrechts from the end of this year. The latter resigned at the end of October because the shareholders rejected his request for a pay rise. Since no successor has been found so far, the board of directors has chosen to give executive responsibilities to someone from within the board of directors rather than continuing the search for an external, part-time CEO.

Hellebaut became chair of the board of directors after Lembrechts’ resignation, and the Maxi Toys top executive will now take over the helm completely. FNG emphasises, however, that Hellebaut will not become CEO and that he will outsource specific operational tasks to external financial and legal advisors. Hellebaut will also remain Maxi Toys’ CEO.

Continuing Lembrechts’ plan

“We are combining strategic overview with operational agility. We will not need a transition period, which is also an indisputable advantage for FNG today. With the FNG case, it is necessary to respond quickly from day one and persist in doing so”, says Nadine Vanovenberghe, chair of the remuneration and appointments committee, explaining the choice.

Hellebaut emphasises that his focus remains unchanged, namely “bringing the strategic capital review of Ellos Group to a successful conclusion, providing a fresh start for FNG”. He also expresses his support for resigning CEO Paul Lembrechts: “The settlement was a major breakthrough and turnaround. I would have liked Paul to have been able to fully execute his plan. It is, therefore, with mixed feelings, but of course with full determination and conviction, that I take over the torch from Paul.”