Arnaud Lagardère, head of Vivendi-owned French publishing and travel retail giant Lagardère Group, has been forced to resign as CEO of the company following his indictment related to accusations of embezzlement.
“This indictment essentially concerns facts relating to personal companies wholly owned by Arnaud Lagardère and not involving any Lagardère group companies,” the company said in a statement on Tuesday.
“In the context of his indictment, Arnaud Lagardère has been provisionally banned from holding executive office, a measure which 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.
News of the forced resignation followed reports on Monday that Lagardère had been questioned by a Paris judge in relation to accusations of embezzlement.
The Lagardère Group, which was founded by Lagardère’s father Jean-Luc Lagardère in 1992, is home to publishing giant Lagardère Publishing and Lagardère Travel Retail. Its assets also include Paris Match and Le Journal du Dimanche and top radio stations Europe 1.
Vivendi took full control of the Lagardère Group in November 2023 following approval from European Commission, under its EU merger legislation,in return for selling publishing assets Editis and Gala magazine, which was part of its Prisma Media subsidiary.
Lagardère was retained as CEO of the group.
Arnaud Lagardère Forced To Resign As CEO Due To Indictment
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