Lagardère CEO Resigns After Being Charged With Embezzlement

Arnaud Lagardère, the French business scion who heads a publishing group now controlled by Vivendi SE, was charged with alleged embezzlement and has resigned provisionally as chief executive officer of Lagardère SA.

The charges against the 63-year-old executive also include vote buying, abuse of power and breach of trust, disseminating false or misleading information and failure to publish accounts, according to a person familiar with the matter. He has been placed under judicial supervision, banned from holding executive roles and needs to post a bond of €200,000 ($214,000), said the person, who asked not to be named discussing a legal case.