Publisher Lagardere’s CEO to quit executive roles after court indictment

Paris — Arnaud Lagardere, the chair and CEO of French publishing group Lagardere, will have to resign from his executive roles as a result of an earlier court indictment against which he will appeal, the company said on Tuesday.

“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardere and not involving any Lagardere group companies,” it said.

“In the context of his indictment, Arnaud Lagardere has been provisionally banned from holding executive office, a measure that he is contesting and against which he intends to appeal, but which nevertheless will oblige him to resign his executive offices within the group, despite the appeal,” it added.

The indictment made by a French court on Monday accused Arnaud Lagardere of misappropriating company funds for his own personal expenses. Lagardere said Arnaud Lagardere denied the allegations and would appeal against the ruling.

Arnaud Lagardere’s late father, Jean-Luc, built up the company into a conglomerate spanning media and defence activities during the 1980s, before Arnaud Lagardere then slimmed it back down to focus on publishing and duty-free shops.

Media giant Vivendi bought a 59.7% stake in Lagardere, while in February Lagardere said it was in talks to sell Paris Match magazine to luxury goods giant LVMH. 

Reuters