French media baron Arnaud Lagardere resigned Tuesday as chief executive of the sprawling group of the same name after being charged with misuse of corporate funds.
The firm operates the profitable Relay chain of airport and train station stores, airport duty-free shops, major performance venues, as well as media includingA source familiar with the case said the charges originated in part from a complaint by activist investor Amber Capital, as well as market watchdogs.The firm said the charges"largely relate to companies belonging personally" to Arnaud Lagardere, rather than those that are part of the publicly-traded Lagardere SA group.
The business built by the elder Lagardere by merging aerospace firm Matra and publisher Hachette has gradually eroded under his son's stewardship.And in 2021 Arnaud Lagardere had to give up a corporate structure that had allowed him and his father to control the company with a stake of less than 10 percent, opening the empire up to further dismemberment.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: mybroadband - 🏆 11. / 67 Read more »
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Source: mybroadband - 🏆 11. / 67 Read more »
Source: TheSAnews - 🏆 25. / 59 Read more »
Source: TheSAnews - 🏆 25. / 59 Read more »
Source: TheCitizen_News - 🏆 6. / 75 Read more »