Herail had been the finance chief at Havas for more than a decade, having worked alongside former chairman and chief executive Alain de Pouzilhac since 1992.
De Pouzilhac left when Bollore gained four seats on the Havas board and installed himself as chairman. He subsequently appointed banking executive Philippe Wahl as chief executive.
Havas is refusing to comment on the reasons behind Herail's departure. Herail is understood to be currently negotiating a settlement and will leave the Euro RSCG Worldwide-owning firm shortly.
A Havas spokeswoman told The Wall Street Journal: "I am not denying that he was leaving, but I am not going to respond to rumours."
Earlier this month, Havas unveiled a cautious outlook as it reported a 3.9% rise in third-quarter revenues.
Havas is set to unveil a restructuring plan before the end of 2005. The battle for Aegis could have an impact on that. Bollore now owns 25% of the British media buying and research holding company and is reported to be in talks with WPP chief executive Sir Martin Sorrell about a combined bid
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