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France Telecom to name new CEO
02 February 2010
Stéphane Richard will take over from Didier Lombard as CEO of France Telecom on March 1, though Lombard will continue as chairman until June 2011
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France Telecom
Orange
Didier Lombard
Stéphane Richard
Comment: Stéphane Richard has been in line to take over from Didier Lombard for some months, but this move hastens the changeover. As is often the case in France Telecom, Richard is well connected at the highest levels — like his predecessor, he has moved between government and industry for much of his career.
France Telecom, which uses the Orange brand across most of its operations, will divide the roles of its chairman and CEO. Stéphane Richard, executive officer in charge of operations in France, will take over as CEO of Europe’s third-largest operator, effective March 1 2010.
Didier Lombard, whose retirement is due May 2011, will continue as chairman until June 2011. Richard, a former senior finance ministry official and millionaire businessman, had previously spent five years on France Telecom’s board.
Richard has decided not to make very large mergers or acquisitions, following Lombard’s abortive $41.2 billion takeover bid for Swedish-Finnish operator, TeliaSonera, in 2008.
The reason for the split is the declaration of the annual results on February 25 2010. The company may unveil a project to invest in bringing high-speed broadband all over France. GTB