Société Générale has appointed Patrick Folléa as the new head of its wealth and asset management business as part of a broader management reshuffle.

Patrick Folléa, currently deputy head of private banking, will succeed Jean-François Mazaud.

Folléa has been working for 25 years in the wealth industry, including over 10 years at Societe Generale.

In the new capacity, he will report to deputy CEO Séverin Cabannes, who manages the bank’s Global Banking and Investor Solutions operations.

Meanwhile, Mazaud will now become head of group transformation.

In the newly-created position, Mazaud will supervise the group’s savings plan and report to the group general management.

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Mazaud held various roles at Societe Generale since joining the group in 1993.

These roles include head of equity linked origination, global head of debt capital markets, as well as deputy head of global finance for the corporate and investment banking arm.

In addition, Jean-François Grégoire has been named as the new head of Global Markets Business Unit, replacing Frank Drouet.

Drouet has decided to pursue new opportunities after spending three decades at the group.

Grégoire, formerly the group’s deputy group chief risk officer, joined Societe Generale in 1996 as an equity derivatives trader. He will now report to Cabannes.

All the appointments are effective immediately.