Richard Stefan (Stephane Richard)

Richard Stefan (Stephane Richard)

Biography

2021: Resignation from the post of CEO of Orange Group after the verdict in the case of waste of state money

On November 25, 2021, it became known that Stefan Richard was resigning as CEO of Orange Group after more than ten years in charge of the company. Richard resigned after receiving one year probation for his role in the so-called Tapi case. He will leave the telecommunications company before January 31, 2022.

Orange's board of directors met after the decision of the Paris Court of Appeal and accepted Richard's resignation. Management thanked Richard for more than a decade of work at Orange, credited Richard with restoring a pacified working environment after the "social crisis" caused by employee suicides. He also pointed to his work on transforming Orange into a multi-service operator in Europe and Africa.

Richard's current term formally expires in May 2022. The team has already begun the process of identifying a new manager. The Board of Directors expects to appoint a new CEO by January 31, 2022.

Orange CEO Stefan Richard was sentenced by the Paris Court of Appeal to one year probation and a fine of €50 thousand for his role in the Tapi case. He was found to be an accomplice in the misuse of state funds in the arbitration settlement of Credit Lyonnais, which benefited businessman Bernard Tapi in 2008.

Bernard Tapi received €400 million ($450 million) in a lawsuit against Credit Lyonnais, but the decision was later quashed in a civil court as fraudulent. During the arbitration, Richard was the chief of staff of the Minister of Finance Christine Lagarde, who had the final right to vote in the decision. At the time of sentencing, she heads the European Central Bank. Lagarde was previously found guilty of negligence in this case, but the sentence was canceled.

Richard was also acquitted at the first hearing in his case in July 2019, but the prosecutor's office decided to appeal. They demanded three years in prison, two of which are suspended, and a fine of €100 thousand. The Court of Appeal then rejected Stefan's charge of fraud.

Richard rejects allegations of misuse of public funds, saying that the charges had "no factual basis," and the conviction was "deeply unfair."^[1]

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