France Telecom chief executive officer (CEO) Didier Lombard, under pressure after a rash of suicides at the former state monopoly, will hand over the company reins to his deputy on March 1, the group announced on Monday.
Lombard will keep his position as chairman of the board until early next year, but will stand down as chief executive officer one year earlier than scheduled, France Telecom said in a statement, ending weeks of rumors about his fate.
“Didier Lombard, France Telecom chief executive, has decided to propose to the company’s board meeting on February 24 to separate the jobs of chairman and chief executive from March 1, 2010,” the statement said. “Stephane Richard, current deputy chief executive, will become chief executive in charge of the group’s operations.”
Richard, formerly a top aide to French Finance Minister Christine Lagarde, became deputy chief executive on Jan. 1 after joining France Telecom as chief of international operations last year.
Lombard, who has led the company since February 2005, had come under criticism for his handling of a crisis that hit staff morale and led to a spate of suicides in the past two years.
In an interview with Le Figaro newspaper online, the outgoing chief executive expressed regret over his handling of the suicides and said his decision to step aside was for the good of the former state monopoly.
“My decision was taken in the interest of the group,” he was quoted as saying on Le Figaro’s Web site. “With Stephane Richard, we will join efforts to provide the impetus that the employees expect.”
Asked if he had any regrets, the company boss pointed to the suicides, saying: “Of course, above all, not being able to avoid the social crisis.”
“I should certainly have acted earlier,” he said, adding that steps the company took in October to boost morale should probably have been implemented two months earlier.
France Telecom unions say 35 employees committed suicide over two years.
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