Dominique D'Hinnin, CFO of French media group Lagardère since 1998 and one of its three co-managing partners, is leaving the company,
the
Financial Times
reported.
His term is not being renewed, the article said.
D’Hinnin “has long been seen as the right-hand man of Arnaud Lagardère,” the general and managing partner of the group, the
FT
article said. Arnaud Lagardère took over in 2003 after the death of his father, founder Jean-Luc Lagardère.
“Mr. D'Hinnin has come to be seen as something of a custodian of Mr. Lagardère senior's legacy, advising his son on strategy — such as the decision in 2013 to sell its 7.4 per cent stake in EADS, the European aerospace manufacturer,” the article said.
Lagardère has four divisions: publishing; travel retail; magazines, newspapers and radio investments; and sports and entertainment. Observers have viewed it as a takeover target, the
FT
article said.
“One of the obstacles to it being broken up or sold is the group's unusual status as a limited partnership, which has left Mr. Lagardère with an iron grip on the group's ownership despite only holding 12.7 per cent of the voting rightsâ¦,” the
FT
article said. “But with Mr. D'Hinnin's expected departure, questions will be raised about Mr. Lagardère's long-term plans.” (Source:
Financial Times
, March 9, 2016.)
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