Orange Eyes Christel Heydemann As New Chief Following Former CEO Scandal

  • French telecom operator Orange SA ORAN looks to name Christel Heydemann as its new CEO marking the debut of a woman leader for the firm as a part of governance revamp, Reuters reports.
  • Heydemann currently heads European operations at French electric equipment group Schneider Electric SE SBGSY.
  • A graduate of France's elite engineering school Polytechnique, Heydemann, will replace Stephane Richard after a court convicted him of the conspiracy of misusing public funds. 
  • Richard, who has led Orange for the past 12 years, denied any wrongdoing.
  • Richard was likely to quit the group on January 31. 
  • The report adds that Orange is yet to elect a new Chair succeeding Richard.
  • Heydemann is the favored candidate of France's finance ministry, which holds sway over the governance of Orange, in which the state owns a combined 23% stake.
  • Price Action: ORAN shares traded higher by 2.15% at $11.40 in the premarket session on the last check Monday.
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