By Giulia Petroni

Engie SA's former Chief Executive Isabelle Kocher will receive a compensation totaling around 3.3 million euros ($3.6 million) for leaving the company before May, according to a statement released on Tuesday.

The French utility on Monday ended Ms. Kocher's mandate and appointed General Secretary Claire Waysand as interim CEO effective immediately.

Ms. Kocher will receive a transactional indemnity and a non-compete indemnity, Engie said. The company will also "make material resources available to her for a maximum period of 18 months until Ms. Kocher has returned to full-time employment."

Part of the compensation is subject to the approval of the general assembly, the company said.

Ms. Kocher had served as CEO since 2016 and her mandate was due to expire in May.

The company said the operational management of the group will be taken forward collectively by Ms. Waysand, Chief Operating Officer Paulo Almirante and Chief Financial Officer Judith Hartmann.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 25, 2020 09:50 ET (14:50 GMT)

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