Le Monde's top editor and two senior managers walked off the job following a dispute with the editorial staff, which is also the newspaper's largest shareholder.

Eric Fottorino, the editor-in-chief; Pierre Jeantet, chairman; and Bruno Patino, deputy chairman, made up the executive board of the most well-known French daily paper.

They said in a statement they resigned Wednesday after “realising their inability to exercise their responsibilities” when faced with opposition from the Society of Editors of Le Monde, a group that can veto certain board decisions, Bloomberg News reported Thursday. The executives have been in their positions since last June, and their resignation will be effective Jan. 4.

Libération, another Paris daily, reported the resignation of the executive board was due to an e-mail sent to 400 Le Monde staffers by the Society's president, Jean-Michel Dumay. The message detailed the newspaper's financial status, which the board considers confidential.

In November, 300 staff members of Le Monde demonstrated in front of the paper's Paris office when the Society disclosed the newspaper was €150 million in debt. In 2005, Le Monde cut 200 jobs, and employees expect more cuts in 2008.

“We asked the board to draw up a recovery plan seven months ago, and we are still waiting,” Dumay told Libération, according to Bloomberg.

LeMonde's last editor, Jean-Marie Colombani, had been in his position since 1994. He was forced out last May when his re-election was vetoed by the Society of Editors. Another senior Le Monde editor, Edwy Plenel, left the paper in 2005, while an executive, Alain Minc, was forced out of his position in October.