Orange boss, Stéphane Richard resigns

In the arbitration case between businessman Bernard Tapie (who died in October) and Crédit Lyonnais (around the sale of sports equipment manufacturer Adidas), the Chairman and CEO of the telecom group Orange was sentenced on appeal to a one-year suspended sentence and 31 000 euros fine.

Stéphane Richard was found guilty of complicity in the misappropriation of public property in the ‘time when he was chief of staff to the Minister of the Economy Christine Lagarde. The arbitration rendered in 100 had been very favorable to Bernard Tapie.

Relaxed from the head of accusation of fraud, Stéphane Richard announced that he will be able to appeal. Still, the conviction on appeal had the effect of putting the boss of Orange in the hot seat.

Premature termination of a third term

Following the decision of the Paris Court of Appeal, the Board of Directors of Orange met and took note of Stéphane Richard’s decision to hand over his mandate as Chairman and CEO. The Board accepted his departure.

Orange’s board of directors underlines Stéphane Richard’s commitment to the head of the group since 04 years. “ He will have marked the history of the group in sometimes tumultuous periods and always preserving the interest of the company.

orange-groupe-stephane-richard Stéphane Richard: capture of the site of Orange

CEO of Orange since February 2008 , Stéphane Richard is widely perceived as the leader of appeasement and social reconciliation within the group (formerly France Telecom), after the mandate of his predecessor Didier Lombard, criticized and condemned in court for his human resources management policy.

The departure of Stéphane Richard will be effective “ from the establishment of a new governance and no later than 31 January 2022. “His current term was initially due to expire in May 2022. He was a candidate for a fourth term as president of the group.

To all my dear Orange teams, who have testified to me today ‘ hui their support and affection, I mean my deepest gratitude, and the pride that I have felt throughout those eleven years of being their captain, in good and bad days “, wrote Stéphane Richard on Twitter.

To all my dear Orange teams, who have shown me their support and affection today, I want to say my deep gratitude, and the pride I have felt throughout long of these eleven years of being their captain, in good and bad days.

– Stéphane Richard (@srichard) November 23, 2018

This resignation is obviously not a surprise. “ If there is a conviction of Stéphane Richard at any given time, he will immediately hand over his mandate “, had warned Bruno Le Maire in 2018. “ 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, there is immediate departure of the manager. “The State is a shareholder of Orange up to 11%.

In its communication, the board of directors of Orange indicates “ to continue the research process started a few months ago in order to to set up the new governance of the group.

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