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Report: Orange's Richard eyes 3rd term as CEO

Orange SA CEO Stéphane Richard is seeking a third term as the French telecom giant's CEO, Reuters reported June 10, citing two sources.

Richard, whose current four-year term expires May 2018, is reportedly expected to make his case to Orange's board for a fresh term in the autumn. The board is set to make its final decision in February 2018.

The French government, which holds a controlling 23% stake in Orange, is expected to review Richard's bid for a fresh term, according to the report.

Richard has been Orange's CEO since 2010, replacing Didier Lombard. He is credited for, among others, improving the company's financial results after the arrival of Iliad SA's low-cost brand Free in 2012, an expansion into Africa and the launch of mobile banking service Orange Bank.

On the other hand, Richard is facing a 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. This case involves the finance ministry's €400 million state payout in 2008 to French businessman Bernard Tapie, in order to settle a long-running business dispute.