Societe Generale on Wednesday named Bertrand Badre, the former chief financial officer of rival French bank Crédit Agricole, as its own CFO effective January 3 in a surprise management shakeup.

He will succeed Didier Valet, who is moving on to head Societe Generale's corporate and investment bank. The CIB unit's current chief executive, Michel Peretie, is leaving Societe Generale, which said Peretie decided to "pursue other opportunities outside the bank."