EUROTUNNEL’S chief executive, Jean-Louis Raymond, tendered his resignation in September, only to be talked out of it by the chairman of the Channel Tunnel operator.

M Raymond offered his resignation five months into his job because he thought that he lacked the support of the board over Project Dare, his proposals to turn the group around.

The chief executive, who joined the company after a small shareholder coup sacked the previous management, was in dispute with at least one board member over discussions with the company’s main creditors. But Jacques Maillot, the company’s chairman, refused to accept his resignation, according to Pierre Cardo, a former director.

M Cardo quit the company last week, saying that the board was not taking a hard enough line with creditor banks.

He has threatened to stir up a shareholder revolt. His revelations could provide him with the backing of some small shareholders.

A spokesman for Eurotunnel confirmed that M Raymond had offered to resign. “At the time he did not feel that the board were fully committed to Project Dare. He wanted to demonstrate to them that this was something that needed the support of the whole board,” the spokesman said.

M Raymond said that he is not looking for a replacement for M Cardo. Attempts to fulfil promises to find new British directors are also on hold until the resolution of the group’s talks with creditors.

M Cardo said that Eurotunnel should sue its creditors. “Just like the previous management, Eurotunnel’s leadership team has submitted to creditors’ conditions, which I was totally opposed to,” he said. “It should, on the contrary, have put pressure by issuing a writ.”

M Cardo is an MP for France’s ruling UMP party and mayor of Chanteloup-les-Vignes near Paris.

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