After his conviction, he obtained exceptional compensation of 475,000 euros. Remaining in post until the initial end of his term has paid off for Stephane Richard. The CEO from Orange had yet been announced on the departure before the end of January after his conviction in November in the Tapie/Credit Lyonnais case.
“The board of directors has decided to grant this exceptional compensation to Stéphane Richard for having piloted and followed for several months (…) a rigorous selection process for the future general manager and the future non-executive chairman”, explained the group to AFP on Friday.
Half of the annual fixed compensation
“He has extended his mandate several times in order to ensure the good governance of the group during this transition phase and he will accompany the arrival of the new general manager until the general meeting on May 19”, he said. for follow-up.
The indemnity, granted in February, corresponds to half of the executive’s annual fixed compensation. He will also benefit from his fixed and variable remuneration calculated in proportion to the time spent in the company in 2022, confirmed Orange, who recalls that his boss does not “benefit from any contractual mechanism for his departure” such as unemployment insurance or retirement.
One year suspended sentence
Stéphane Richard’s mandate initially came to an end in mid-2022. The ambition of the manager, who had expressed the “personal wish” to remain chairman of the group at the end of his third term, by relinquishing the function of general manager, was shattered by his conviction in November by the court of call from Paris to one year suspended prison sentence and 50,000 euros finein the controversial arbitration case between Bernard Tapie and Crédit Lyonnais.
In 2018, the Minister of Economy, Bruno the Mayorhad warned that in the event of conviction, Stéphane Richard would have to hand over his mandate, while the French telecom giant’s main shareholder is the State, which holds more than 20% of the company’s capital.
Replacement scheduled for April 4
But Stéphane Richard finally played extra time. Initially set for January 31 at the latest, his departure as CEO was finally postponed to April 4 until the arrival of Christel Heydemann, appointed at the end of January. He will also remain non-executive chairman until the general meeting of May 19, ie the initial term of his mandate.
This general meeting should ratify the appointment to this position of Jacques Aschenbroich, currently at the head of Valeo, whose candidacy supported by the State was validated on Wednesday by the Orange board of directors.