Orange Eyes Christel Heydemann As New Chief Following Former CEO Scandal

French telecom operator Orange SA ORAN looks to name Christel Heydemann as its new CEO marking the debut of a woman leader for the firm as a part of governance revamp, Reuters reports.
Heydemann currently heads European operations at French electric equipment group Schneider Electric SE SBGSY.
A graduate of France's elite engineering school Polytechnique, Heydemann, will replace Stephane Richard after a court convicted him of the conspiracy of misusing public funds.
Richard, who has led Orange for the past 12 years, denied any wrongdoing.
Richard was likely to quit the group on January 31.
The report adds that Orange is yet to elect a new Chair succeeding Richard.
Heydemann is the favored candidate of France's finance ministry, which holds sway over the governance of Orange, in which the state owns a combined 23% stake.
Price Action: ORAN shares traded higher by 2.15% at $11.40 in the premarket session on the last check Monday.