PARIS--French President Francois Hollande said Stephane Richard
should keep his job as chief executive of part-state-owned company
France Telecom SA (FTE, FTE.FR), hours ahead of a key board meeting
Monday to decide his fate.
Mr. Richard was put under formal investigation last week for his
alleged role in an arbitration ruling five years ago.
"As long as Mr. Richard can lead this company without
consequences from the judicial procedure, he will stay," Mr.
Hollande said in an interview with French channel M6 Sunday.
The president said his main concern was to prevent the company,
which employs 170,000 people, from being affected by the probe
targeting Mr. Richard.
Last week, French authorities filed preliminary charges of
conspiracy to commit fraud against Mr. Richard for his alleged
actions when he was a senior official at the country's finance
ministry.
Investigating magistrates are looking into his role relating to
an arbitration panel and its decision to grant a EUR420 million
award from the French Treasury to business tycoon Bernard
Tapie.
Through his lawyer, Mr. Richard has said all his actions related
to the arbitration were legal and denied any wrongdoing.
The French state owns 27% of the former telecom monopoly and has
three representatives on the 15-member board.
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