Belvédère SA announced a change in the composition of its board of directors and the upcoming creation of an executive committee. The company announced the appointment of Mr. Benoît Herault as chairman of the board at the board meeting of 28 July 2014, Mr. Krzystof Trylinski announced that he is standing down as a director and the chairman of the board of the company, for personal reasons. In order to ensure a smooth and efficient transition, Mr. Krzystof Trylinski will remain in place until the company's next general meeting on 16 September 2014, following which his resignation will become effective.

The board of directors noted this resignation and has decided to maintain the separation of the offices of chairman of the board and chief executive officer that was decided in early 2014 to comply with governance best practices. As a result, and following the recommendation of the nominating committee, the board of directors has decided to entrust its chairmanship to Mr. Benoît Herault, an independent director of the company since the combined annual general meeting of 30 September 2013, who will thus take up office as chairman at the effective end of Mr. Krzysztof Trylinski's mandate in September. Mr. Benoît Herault being the chairman of the company's audit committee since its creation in October 2013, a new chairman for this committee will be appointed following the company's next general meeting on 16 September 2014.

Strengthening of the governing bodies Belvédère's governance has undergone some significant changes since the second half of 2013, with the arrival of four new independent directors, the appointment of a new CEO – Mr. Jean-Noël Reynaud - and now the upcoming appointment of Mr. Benoît Herault as chairman of the board of directors.