After serving as First President of France’s Cour des Comptes from 1936 to 1937, Pierre Guinand became SNCF’s first Chairman when the company was founded in 1938. At the time, SNCF was a société anonyme mixte, or semi-public company, with the French State holding a 51% interest.

Under the Armistice of 22 June 1940, German occupying forces took control of the company, and in September 1940 the Vichy Government dismissed Mr Guinand.