Finance
Olivier Falut appointed EUROAPI’s Chief Financial Officer
Paris – October 16, 2024 – Olivier Falut has been appointed EUROAPI’s Chief Financial Officer, effective October 17, 2024, and will be a member of the Executive Committee. He is taking over from Evelyne Nguyen, who will remain within the company until the end of October to ensure a smooth transition.
“I am delighted to welcome Olivier, a seasoned Chief Financial Officer with extensive experience in the industrial sector. He will play a decisive role in implementing our FOCUS-27 transformation project,” said Ludwig de Mot, EUROAPI Chief Executive Officer. “The entire company and the Board of Directors join me in expressing our sincere gratitude to Evelyne for succeeding in her mission to ensure the financing of our strategic plan.”
Olivier Falut joins EUROAPI with close to 30 years of experience in management and finance in the industrial sector. Throughout his career, he held various financial positions in listed and non-listed companies, such as Fareva, Limagrain (including Vilmorin & Cie), Lactalis and Bel.
“I am excited to be joining EUROAPI and to be part of the implementation of the FOCUS-27 transformation plan. This new economic dynamic will enable us to carry out major projects and to ensure the sustainable growth of the organization for the years to come,” Olivier Falut said.
Olivier Falut professional background
Olivier Falut started his career in the financial audit sector, mainly at Ernst & Young in France and then in the United States. In 2001, he joined Bosch France as head of accounting and pursued his career as accounting director at Bel in 2003. In 2008, he joined Oberthur Technologies as CFO for the main business unit before moving to Lactalis (2012-2017) as head of group financial control. Since 2017, he has held CFO positions in various companies including Sodiaal, Segula Technologies, Limagrain and Fareva.
Olivier Falut is a graduate from ESSEC business school and holds master’s degrees in business law. He also graduated from the French bar exam.
About EUROAPI
EUROAPI is focused on reinventing active ingredient solutions to sustainably meet customers’ and patients’ needs around the world. We are a leading player in active pharmaceutical ingredients with approximately 200 products in our portfolio, offering a large span of technologies while developing innovative molecules through our Contract Development and Manufacturing Organization (CDMO) activities.
Taking action for health by enabling access to essential therapies inspires our 3,650 people every day. With strong research and development capabilities and six manufacturing sites, all located in Europe, EUROAPI ensures API manufacturing of the highest quality to supply customers in more than 80 countries. EUROAPI is listed on Euronext Paris; ISIN: FR0014008VX5; ticker: EAPI). Find out more at www.euroapi.com and follow us on LinkedIn.
Forward-Looking Statements
Certain information contained in this press release is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy, financial and non-financial future results and the environment in which the Group operates, as well as events, operations, future services or product development and potential. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Forward looking statements and information do not constitute guarantees of future performances, and are subject to known or unknown risks, uncertainties and other factors, a large number of which are difficult to predict and generally outside the control of the Group, which could cause actual results, performances or achievements, or the results of the sector or other events, to differ materially from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers, AMF) on April 5, 2024. These forward-looking statements are given only as of the date of this press release and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.
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Finance
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Finance
Cheers Financial Taps into AI to Build Credit – Los Angeles Business Journal
A credit-building tool fintech founder Ken Lian built out of personal need just got an artificial intelligence-powered upgrade.
Lian and co-founders Zhen Wang and Qingyi Li recently launched Cheers Financial – a startup run out of Pasadena-based Idealab Inc. which combines fast-tracked credit-building with “immigrant-friendly” onboarding.
“Our mission is really to try to make credit fair to individuals who want to have financial freedom in the U.S.,” Lian said.
After coming to the U.S. as an international student from China in 2008, Lian said he struggled for four years to get a bank’s approval for a credit card. Since 2021, the USC alumnus’ fintech ventures have aimed to break down the hurdles immigrants like him often face in accessing and building credit.
Since its launch in November, Cheers Financial has seen “healthy growth,” Lian said, with thousands using its secured personal loan product to build credit through automated monthly payments. At the end of the 24-month loan period, users get their principal back minus about 12.2% interest.
“The product is designed to automate the entire flow, so users basically can set and forget it,” Lian said.
Cheers, partnering with Minnesota-based Sunrise Banks, boasts an average 21-point increase in credit scores within a couple of months among its users coming in with “fair” scores from the high 500s to mid-600s.
With help from AI data summary and matching, the company reports to the three major credit bureaus every 15 days – two times as frequent as popular credit-building app Kikoff. Lian hopes to shave that down to seven days.
Cheers is far from Lian, Wang and Li’s first step into alternative financial tools. An earlier venture launched in 2021, Cheese Inc., served a similar goal as an online platform providing credit-building loans alongside other services, including a zero-fee debit card with cash back.
Cheese folded when the company it used as its middle layer, Synapse Financial Technologies, collapsed in April 2024 and locked thousands of users out of their savings.
For Lian and other fintech founders, Synapse’s fall was a wake-up call to the gaps and risks of digital banking’s status quo. As he geared up for Cheers, Lian knew in-house models and a direct company-to-bank relationship were key.
“That allows us to build a very secure and stable platform for our users,” Lian said.
Despite cooling investment in fintech, Cheers nabbed backing from San Francisco-based Better Tomorrow Ventures’ $140 million fintech fund. Automating base-level processes with AI has given the company a chance to operate at a lower cost, Lian said.
“You don’t need to build everything from the ground up,” Lian said. “You can let AI build the basic part, and then you optimize from that.”
Strong demand from high-quality users who spread the word to friends and relatives has helped, too. Some have even started Cheers accounts before arriving in the U.S., Lian said, to get a head start on building credit.
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