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April 30, 2024 – 11:36
(Keystone-ATS) Arnaud Lagardère, leader of the group of the same name, gave up his executive mandates on Tuesday, including that of CEO, the company announced. He was indicted on Monday as part of investigations into the financing of personal expenses by his companies.
“As part of his indictment, a provisional measure prohibiting management was pronounced against Mr. Arnaud Lagardère, a measure which he contests and against which he will appeal, but which nevertheless forces him to resign from his executive mandates within the group,” Lagardère said in a press release.
The members of the board of directors “will meet very soon” in order to “make all provisional arrangements” to ensure the governance of the group, “while waiting for the possibility for Arnaud Lagardère to take over effective management”.
The Lagardère group was bought at the end of November by the media giant Vivendi, controlled by the family of billionaire Vincent Bolloré. The former aeronautical and media empire was built by Jean-Luc Lagardère, Arnaud’s father. The latter inherited it upon the death of the former in 2003.
It has a very profitable network of stores in train stations and airports (Relay brands, Duty Free stores), famous performance halls (Casino de Paris, Folies Bergère, etc.), media (Europe 1, Le Journal du Dimanche, etc.), or the French number one in publishing, Hachette Livres.
