Orange Group’s Board of Directors has issued a statement reasserting its full confidence in CEO Stéphane Richard, who was placed under formal investigation for fraud last week. The investigation relates to Mr Richard’s previous role working for the French government; it’s been alleged he was involved in agreeing a €285 million arbitration payment to businessman Bernard Tapie that was inappropriately high.
In a statement, Orange said “The Board considers that the legal measures affecting Stéphane Richard do not impede his ability to fully and effectively lead Orange as its Chairman and Chief Executive Officer. The Board will continue to ensure this remains the case in the future and has appointed Bernard Dufau, independent board member, to follow the situation.”
Mr Richard has denied any wrongdoing.
[More details: BBC News]