Orange's board of directors voted in favour of renewing the mandate of current CEO Stephane Richard for a new four-year term. The resolution will be presented to shareholders for a vote at the group’s annual general meeting, scheduled in early May.
In January, France's finance minister Bruno Le Maire said that he supported Richard’s decision to seek re-election, based on the positive results he had achieved during his eight years at the helm of Orange. However, Le Maire also clarified that Richard would have to resign from his position in case of conviction in the forthcoming trial linked to the so-called Tapie affair.
Richard faces charges of complicity in fraud and embezzlement over his role in a disputed EUR 400 million settlement dating back to 2008, when he was a high-ranking finance ministry official. A date for the trial has not yet been set and Richard denies any wrongdoing.
