Summary: Bertrand Meunier steps down as Atos Chairman after facing opposition from minority shareholders regarding the sale of company businesses. Jean-Pierre Mustier, former CEO of UniCredit, takes over as chairman.
In response to growing discontent from minority shareholders over the planned sale of significant parts of Atos’ businesses to Czech tycoon Daniel Kretinksy, Chairman Bertrand Meunier has resigned from his position at the French IT consulting group. The company has announced that Jean-Pierre Mustier, former CEO of Italian bank UniCredit, will assume the role of Atos’ chairman. Mustier’s primary responsibility will be to restore investor confidence and secure the proposed deal with Kretinksy, which is crucial for the company’s recovery. Atos’ shares have been severely impacted by a governance crisis and a series of setbacks, resulting in their current near-record low levels. The sale of Atos’ loss-making legacy IT operations to Kretinksy is being disputed by several minority shareholders and certain French politicians. Furthermore, Atos has provided an update stating that the completion of the planned sale of Tech Foundations to Kretinksy is anticipated to occur in the second quarter of 2024. However, if the deal with Kretinksy falls through, Atos will need to explore alternative options such as selling additional assets or accessing the debt and equity markets in order to maintain liquidity.
Tags: Atos, Bertrand Meunier, Jean-Pierre Mustier, shareholders, sale of businesses, Kretinksy, investor confidence, governance crisis, Tech Foundations, liquidity