Mario Guevara, CEO of BIC Group, stepped down at the company’s annual Shareholders’ Meeting on Wednesday May 18 in Clichy, France, and will be replaced by Chairman Bruno Bich effective June 1. BIC Group, the parent company of Top 40 supplier BIC Graphic (asi/40480), announced in February that Guevara would be retiring after the meeting.

At the meeting, the company raised its self-imposed age limit for the chairman, CEO and executive vice president roles to 72 years old so that Bich, 68, could assume the title of CEO. The company also confirmed that Bich, Guevara and Elizabeth Bastoni would be reappointed as directors of the Board, and also nominated Pierre Vareille as vice chairman lead director and Gonzalve Bich and Jim DiPietro as executive vice presidents, effective June 1.

In addition, the company approved the payment of an ordinary dividend amount of 3.40 euros per share, an increase of 19.3% compared to last year’s dividend amount of 2.50 euros per share.

BIC Graphic ranks fourth on Counselor’s Top 40 list of suppliers, after reporting 2014 North American promotional product sales of $323 million. BIC Group announced earlier this year that it will explore strategic alternatives for its promotional product division, but recently confirmed it had no updates on the matter.