By Julien Ponthus

LONDON (Reuters] – Societe Generale’s chief executive is ready to select an internal candidate for leading the French banking group in the next 10-15 years, according to a union representative who met Frederic Oudea.

Oudea, one of the most senior chief executives of European banks since the financial crisis took investors by surprise when he announced that he will be retiring in 2023, after having led the bank for 15 years.

Philippe Fournil (an official from the CGT union) stated that Oudea’s successor would be announced in six months to ensure a smooth transition of one year.

Fournier stated in a post on the union’s site, “While Fournier stressed the fact that the decision will be made by board of directors. Frederic Oudea insists on the quality and knowledge of current management team.”

Fournier, a representative of the Confederation Generale du Travail union (CGT), said that Fournier is leaning toward an internal decision even though the process will not rule out other options.

He also stated in Thursday’s note that the ideal candidate for the role of chief executive is someone between the ages 45-50 to help focus on the longer term.

Societe Generale spokeswoman refused to comment.

Azzurra Guelfi, Citi analyst said in a memo that “it is obviously too early to have an opinion on potential candidates for this role.”

In addition to external candidates, the market could consider an internal candidate as well, such as divisional heads or deputy CEOs.

The decision would leverage on the group’s sound fundamentals to define the next step for company growth or profitability, she said.

Speculation on the future leader of France’s third-biggest listed bank has yet to begin in earnest, but Sebastien Proto, a former managing partner of Rothschild & Cie, who now heads the bank’s retail networks, is frequently mentioned.

Other possible candidates, said French business daily Les Echos, are chief operating officer Gaëlle Olivier and Slawomir Krupa, head of global banking and investor solutions activities.

The name Jean Pierre Mustier (BIT:), the ex-chief executive of Italy’s Unicredit, who led Societe Generale’s CIB Division from 2003 to the Jerome Kerviel trading scam, is making the rounds outside the group.