Arnaud Lagardère resigns from executive role following indictment

Arnaud Lagardère, chairman and c.e.o of the Lagardère group, which owns Hachette Livre, was indicted on Monday (29th April) for vote buying, abuse of power and dissemination of false or misleading information, the group confirmed in a statement released on Tuesday. 

Lagardère, 63, has been banned from office temporarily, meaning that he is obliged to resign as the head of the group and Hachette Livre. Lagardère “firmly disputes” the charges and plans to appeal the decision. 

According to the statement, the charges relate to events that took place in 2018 and 2019, and concern companies that Lagardère owns personally rather than group entities.

Conversely, a judicial source quoted by Agence France Presse (AFP) and reported by the French media suggests the indicment relates to the period between 2009 and 2022, when Lagardère used cash from two personal companies to finance his “lifestyle and personal expenses”. 

Later on Tuesday, the group announced that Jean-Christophe Thierry, chairman of the supervisory board of Vivendi pay TV subsidiary Canal+, would become temporary chairman and c.e.o. of the Lagardère group, and also of Hachette Livre, subject to approval by the latter’s board. 

Vivendi, a French conglomerate controlled by the Bolloré family, bought the Lagardère group in November after a tussle over anti-trust issues. As part of the sale, Vivendi was obliged to sell off Editis, France’s second-largest publisher and closest rival to Hachette Livre. 

According to AFP judicial source, the indictment follows an investigation which opened in April 2021.

This followed a complaint filed by the Amber Capital hedge fund, and alerts sent to financial regulator Autorité des Marches Financiers (AMF) and audit regulator Haut Autorité de l’Audit (H2H).

Following the 2003 death of group founder Jean-Luc Lagardère, his son and heir Arnaud is reported to have accumulated debts that forced him to sell the aerospace company EADS and several media outlets.