Prepared for Manish Chopra by Henry Obegi

Sodexo S.A. (SW.PA) — Deep Dive Analysis

Euronext Paris • Contract Catering & Facilities Management • February 2026

Leadership Assessment

ExecutiveRoleTenureAssessment
Thierry DelaporteGroup CEOSince Nov 2025 B- Right profile, mixed Wipro record
Sophie BellonChairwoman (non-exec)Chair since 2016, CEO 2022-25 C+ Family steward; governance improved with split
Gilles PelissonLead Independent DirectorSince Nov 2025 A- ex-CEO TF1/Accor; strong governance signal

CEO Thierry Delaporte — Deep Dive

Background: 25 years at Capgemini (COO/Deputy CEO), then Wipro CEO (2020-2024). French national, ~58 years old. Board seats at Saint-Gobain, formerly Edenred.

Wipro Track Record (Mixed)

The Good

Revenue grew 35% during tenure (cumulative). Stock 2.5x. Executed $1.5B Capco acquisition. Strategic repositioning of operating model.

The Bad

Departed prematurely April 2024. FY24 revenue -3.8%. ~10 senior leaders departed in 2023. $20.1M pay while revenues declined. 80% of public shareholders voted against severance.

Key question: Was the strong first 2-3 years the real Delaporte, or was the weak ending? Sodexo is betting on the former.

Bellon Family Control

Capital Ownership43.8%
Voting Rights58.8%
Lock-up Period50 years (signed 2015)
Board Independence6 of 12 directors
Double-edged sword. Extraordinary long-term alignment (50-year lock-up), but permanently eliminates the market for corporate control. Family has been historically tolerant of underperformance vs. Compass. Whether this is patience-as-strength or patience-as-complacency is the central governance question.

Governance Scorecard

FactorRatingNotes
Chair/CEO SplitPositiveSplit in Nov 2025 — significant improvement
Board IndependenceAdequate50% independent (6/12); below best practice
Insider OwnershipHighBellon family 43.8% — extreme alignment
CEO CompensationTBDDelaporte package not yet disclosed
Related Party TxnsConcernManagement service agreement with Bellon SA (renewed 2021)
Sofinsod Circular HoldingEliminatedUnwound in 2024 — positive simplification
Henry Obegi • Sodexo Deep Dive • February 2026 • Prepared for Manish Chopra