Arnaud Lagardère, head of Vivendi-owned French publishing and journey retail big Lagardère Group, has been pressured to resign as CEO of the corporate following his indictment associated to accusations of embezzlement.
“This indictment basically considerations info relating to non-public firms wholly owned by Arnaud Lagardère and never involving any Lagardère group firms,” the corporate stated in an announcement on Tuesday.
“Within the context of his indictment, Arnaud Lagardère has been provisionally banned from holding govt workplace, a measure which he’s contesting and towards which he intends to attraction, however which nonetheless will oblige him to resign his govt workplaces throughout the group, regardless of the attraction,” it added.
Information of the pressured resignation adopted stories on Monday that Lagardère had been questioned by a Paris choose in relation to accusations of embezzlement.
The Lagardère Group, which was based by Lagardère’s father Jean-Luc Lagardère in 1992, is dwelling to publishing big Lagardère Publishing and Lagardère Journey Retail. Its property additionally embrace Paris Match and Le Journal du Dimanche and prime radio stations Europe 1.
Vivendi took full management of the Lagardère Group in November 2023 following approval from European Fee, underneath its EU merger laws,in return for promoting publishing property Editis and Gala journal, which was a part of its Prisma Media subsidiary.
Lagardère was retained as CEO of the group.