PMU CEO Resigns Following Budget Rejection and Governance Disputes

Emmanuelle Malecaze-Doublet will step down as CEO of PMU this September, ending a tenure marked by internal strife and institutional conflict. The announcement, first reported by Jour de Galop, follows months of mounting pressure within the organization. Her departure had been widely anticipated in industry circles, as discontent with the leadership reached a breaking point.

Malecaze-Doublet, a 37-year-old former McKinsey consultant, joined PMU in 2018 as CFO before being promoted to CEO in 2022. Known for her direct approach and high confidence, she had initially gained strong backing from PMU’s board, including its influential founding entities — France Galop and the Société du Trotteur Français — as well as the French state.

But this coalition quickly fractured.

Rejected Budget

The resignation follows a critical defeat at PMU’s general assembly just weeks earlier, where the company’s 2024 budget was rejected by shareholders. That rejection marked a rare and significant rebuke from within. The figures driving the pushback were clear: a 4% decline in betting turnover and a financial contribution of €837 million, falling short of the €851 million target.

However, the budget’s rejection wasn’t solely about numbers. The Société du Trotteur Français, which opposed the budget, argued it lacked transparency and did not accurately reflect PMU’s operational reality — despite approval from auditors and a majority of the board. Tensions within the boardroom intensified, further destabilizing Malecaze-Doublet’s leadership.

Behind closed doors, last-minute efforts were made to defuse the crisis. A confidential meeting between PMU chairman Richard Viel, Malecaze-Doublet, and trot racing figure Jean-Pierre Barjon took place the night before the vote. The discussions, held at Barjon’s residence, failed to yield a compromise.

Internal Politics and State Scrutiny

The governance crisis at PMU is not just internal. The French state, which holds a key role in the company’s oversight, has now tasked the Inspection des Finances with investigating the operator’s internal functioning and governance practices.

France Galop, though publicly more restrained than its trotting counterpart, is reportedly aligned in its concerns. Sources suggest both founding entities had quietly consulted a headhunting firm to initiate leadership changes at the top. While France Galop eventually withdrew from that strategy, it reportedly hoped for a voluntary resignation — a move now realized.

The situation underscores a long-term struggle at PMU. Over the past 15 years, the operator has failed to significantly grow its betting volume. In stark contrast, rival Française des Jeux has added €10 billion to its handle since 2011. A key reason: PMU’s underwhelming push into online sports betting — a market it largely ceded to more aggressive competitors.

An Uncertain Future Ahead

With the departure of its CEO and no board meeting held since the contentious general assembly, PMU now enters a transitional phase. A new board session is scheduled for June, but key decisions on future strategy and leadership remain unresolved.

Preliminary forecasts for 2025 have already been revised downward, with expected results now estimated at €35 million. As stakeholders — including state representatives — begin deliberating over PMU’s next chapter, the company faces the dual challenge of internal reorganization and external repositioning in an increasingly competitive market.