Following protests from several minority shareholders over the company’s plans to sell large portions of its operations to Czech businessman Daniel Kretinksy, Atos (ATOS.PA) Chairman Bertrand Meunier has resigned, the French IT consultancy giant announced on Monday.
The board of Atos will be led by Jean-Pierre Mustier, a former CEO of the Italian bank UniCredit, the business announced. After a governance crisis and a string of failures battered Atos’ shares, which are currently trading at close to record lows, he will be charged with restoring investors’ faith and securing the planned merger with Kretinsky.
Several minority shareholders and French politicians oppose selling Atos’ loss-making legacy IT businesses to Kretinsky.
Furthermore, Atos stated that it now anticipated that the proposed sale of Tech Foundations to Kretinsky would be completed in the second quarter of 2024. If the agreement with Kretinsky falls through, the firm said that Atos would have to consider selling further assets or “access the debt and equity markets” to preserve its cash.
The future strategy of Atos is currently subject to debate and change. The next chairman must steer the business through a trying time while making tactical choices that allay shareholder worries and enhance overall performance.
There has been a big shift in the IT sector due to Mr. Meunier’s departure as chairman of Atos in response to shareholder anger. Determined by how the firm performs in the coming days and if it can win back investors’ confidence. Keep checking back for more information on this developing story.
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