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Michel Combes, one of France Télécom’s most senior executives, is leaving the group as part of a management reshuffle initiated three weeks after the group warned of slower-than-expected sales growth.

France Télécom issued a statement after the stock market closed on Monday night, saying that the organisation of its senior management team had been “streamlined”.

Although Mr Combes’s departure was not mentioned in the press release, his name was conspicuously absent from the new management committee that it detailed. The company confirmed Mr Combes would be leaving the group, saying he had turned down an unidentified role elsewhere within the group.

Although Mr Combes, 43, was France Télécom’s de facto chief financial officer, his role was officially described as being in charge of its “financial balance and value creation”.

Gervais Pellissier, a veteran of Bull, the French IT group, will succeed him as the executive in charge of group finance.

Copyright The Financial Times Limited 2017. All rights reserved.
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