Mr Maillot is a former boss of a French travel firm

The decision comes a day after rebel shareholders ousted the group's British-led board.

Mr Maillot is an ex-chief of French travel firm Nouvelles Frontieres.

He had already said he would choose Mr Raymond, former boss of Belgian retailer GIB-Brico, as Eurotunnel's chief executive.

Creditors in control

More than 5,000 shareholders had gathered at the company's annual general meeting in Paris on Wednesday to demand the heads of the board.

The angry shareholders, some of whom have lost 90% of the value of their investments, had argued that the then management's restructuring efforts would not significantly cut the group's �6.4bn debt.

New management will find a plane-load of financing documentation which conditions the company into remunerating its debtholders first Fitch Ratings Will Eurotunnel-style boardroom clearouts spread to the UK?

They also said the plans could ultimately lead to Eurotunnel's creditors taking control.

The triumphant rebels have put in place a six-member all-French board, which also includes centre right MP Pierre Cardo.

The board said its first priority would be to talk to creditors and restructure the company's debt.

Analysts said it would be an uphill battle to improve the position of shareholders.

"New management will find a plane-load of financing documentation which conditions the company into remunerating its debtholders first and equity last," said Fitch Ratings in a statement.

The rebels' ringleader, Nicolas Miguet, an investment tipster and failed French presidential candidate, will not be part of the company's new management team.