Orange re-elects Richard for second term

Stephane Richard, CEO at Orange, has secured his position at the company for a second term.

The board of directors at France’s state-backed Orange agreed the re-election on Wednesday, which will also see Richard maintain his position on the board for a further four years.

Richard’s re-election was supported by the French government – which owns 27% of the company – despite allegations last year that he was involved in a fraud conspiracy with French business tycoon Bernard Tapie.

Richard and Tapie have rejected all claims against them and both are set to appeal in court on April 10 this year

The move comes at a turbulent time for the company, whose earnings have been hit hard by increased competition in the French telecommunications market, and will also have to be approved by shareholders at an annual meeting set for May 27.

In November last year, Orange and rival French operator SFR were reported to French regulators over apparently inaccurate marketing claims for their 4G speeds and coverage.

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