An expected decision. The CEO of the operator Orange since 2011, Stéphane Richard, will leave his post at the end of January at the latest, after his conviction on appeal, in the case of the controversial arbitration between Bernard Tapie and Crédit Lyonnais. This was announced on Wednesday, November 24 in a press release, the group of telecoms.
His term as head of the group initially came to an end in mid-2022. His departure “will be effective from the establishment of a new governance and no later than January 31, 2022”, specified the company, adding that Stéphane Richard continued to exercise his functions until his departure.
If he had formulated the “personal wish” to remain chairman of the group at the end of his third term, by relinquishing the function of managing director, his ambition was shattered by his conviction by the Paris Court of Appeal to one year of suspended imprisonment and 50,000 euros fine.
In 2018, the Minister of the Economy, Bruno Le Maire, warned that in the event of conviction, Stéphane Richard would have to hand over his mandate, while the French telecoms giant has the State as its main shareholder, with more than 20% of capital. “For all public companies that are under my responsibility as Minister of the Economy, the rules of the game must be clear: if the leader is condemned, the leader leaves immediately”, Bruno Le Maire said.
After a general acquittal in July 2019, the court of appeal ruled that the arbitration, which had awarded 403 million euros to Bernard Tapie and has since been canceled in civil matters, was indeed “fraudulent” in that it was biased towards the interests of the businessman. Stéphane Richard, 60, who was at the time chief of staff to the Minister of the Economy Christine Lagarde, was found guilty of complicity in the misappropriation of public property.