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Orange renews Richard's tenure as chairman

Orange SA's board voted in favor of renewing the tenure of its chairman and CEO, Stéphane Richard, for another four years.

The French telecom operator said in a statement that it was renewing Richard's mandate as a board member "in anticipation" of his reappointment to the company's top post. The board credited Richard with helping improve Orange's financial results, among others.

Orange shareholders will vote on extending Richard's tenure during their annual general meeting on May 4.

Richard reportedly has been seeking a third term as Orange's CEO, a post he held since 2011. However, he is facing trial over fraud allegations during his stint as chief of staff to former French finance minister and now International Monetary Fund Managing Director Christine Lagarde. The case involves the finance ministry's €400 million state payout in 2008 to French tycoon Bernard Tapie, in order to settle a long-running dispute over the sale of a stake in Adidas.