Beleaguered BNP Paribas Chairman Baudoin Prot Announces Resignation

BNP Paribas is poised to lose its chairman, following the announced resignation of Baudoin Prot, who will rescind his position as of December 1 for personal reasons, according to a statement from BNP’s board.

BNP Paribas has been under noteworthy pressure this year, following scrutiny over Forex manipulation, as well as a record $8.9 billion fine for violating US sanction. Mr. Prot, who has headed the French bank since 2011, will be succeeded by Jean Lemierre, a close advisor and instrumental figure in the negotiation process between BNP and US regulatory authorities.

Mr. Prot will undoubtedly be remembered for his tenure that oversaw a debilitating probe of BNP, which witnessed the deliberate laundering of thousands of monetary transactions with countries sanctioned by the US for terrorist and human rights abuses. These included Iran, Sudan, Myanmar (Burma) and Cuba.