Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Heydemann on course to become first woman to lead Orange -sources

Stock MarketsJan 23, 2022 07:45AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Christel Heydemann, head of Schneider Electric France, attends the third annual tech conference "Inno Generation" organized by French investment bank Bpifrance at AccorHotels Arena in Paris, France, October 12, 2017. Picture taken October 12, 2/2

By Mathieu Rosemain

PARIS (Reuters) -Orange, France's biggest telecoms operator, is on course to name Christel Heydemann as its new chief executive, making her the first woman to lead the former monopoly amid a revamp of its governance, two sources said on Sunday.

Few women hold top executive roles at France's biggest listed companies. Heydemann would become the third CEO of the Paris CAC 40 blue-chip index, after Engie's Catherine MacGregor and Estelle Brachlianoff, who is slated to take the reins of utility group Veolia on July 1.

The board of Orange, on which Heydemann has sat since 2017, is scheduled to meet on Friday to formally appoint her as the new boss, the sources close to the matter added.

Heydemann currently heads European operations at French electric equipment group Schneider Electric (PA:SCHN). She was not immediately available for comment on Sunday.

A graduate of France's elite engineering school Polytechnique, Heydemann, 47, will replace Stephane Richard at the helm of the state-controlled group after a court convicted him of complicity of misuse of public funds.

Richard, who has led Orange for the past 12 years, denies any wrongdoing.

The Orange board meeting was formally scheduled on Monday, but was postponed to Friday to solve some issues such as the date when Heydemann would formally take over and a potential temporary extension of Richard's operational role, the sources said.

Richard was initially slated to quit the group on Jan. 31. His role as chairman remains to be filled, as the split of chairman and CEO positions is part of the governance revamp.

Heydemann's name has been circulating for days in the French press and presented as the favoured candidate of France's finance ministry, which holds sway over the governance of Orange, in which the state owns a combined 23% stake.

France's weekly JDD was first to report Heydemann's likely appointment at a board meeting on Friday.

The new Orange boss will take the reins of the company as it keeps on deploying the new generation of internet mobile networks and broadband fibre optic infrastructure - capital-heavy investments that have pressured its margins as its two biggest markets, France and Spain, remain highly competitive.

The group is deemed strategic by the government and scrutinised by the finance ministry and the Elysee Palace, an important factor to take into account for any new CEO willing to embark in a transformative deal.

Orange has managed to stabilise its revenues after the arrival of Iliad's low-cost Free Mobile in France in 2012 triggered a price war, and it has expanded its activities in West Africa, Poland, Romania as well as in cybersecurity and banking services.

But its recent financial underperformance, especially in Spain where it had to cut staff, has disappointed investors, with shares now trading at a price that is about a third lower than five years ago.

Heydemann on course to become first woman to lead Orange -sources
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email