In a significant leadership shift, French IT firm Atos announced on Wednesday that Yves Bernaert has assumed the role of CEO. He replaces the interim leadership group comprising Nourdine Bihmane, Philippe Oliva, and Diane Galbe. This change comes in the wake of a series of failed takeover attempts and profit warnings that led to the departure of two CEOs in 2021 and 2022.
Bernaert's appointment as a board director will be proposed at the company's annual general meeting. His takeover follows a period of instability for Atos, marked by unsuccessful acquisition bids and financial turbulence, resulting in leadership changes. According to InvestingPro data, Atos has been operating with a significant debt burden and has been quickly burning through cash, with a negative operating income of -31.23M USD. The company's stock has also taken a significant hit over the last six months, with a 6-month price total return of -0.67%.
The former interim leaders have transitioned into new roles within the company. Bihmane has been appointed as the deputy head of Tech Foundations, while Galbe has also joined this team. Oliva, however, has departed from Atos following the transition.
The appointment of Bernaert is part of Atos' larger restructuring plan. The company is currently seeking to divest its non-core businesses and intends to split into two separate entities. This strategic decision aims to streamline operations and foster growth in a challenging market environment. InvestingPro Tips suggest that despite the company's recent struggles, Atos remains a prominent player in the IT Services industry, trading at a low revenue valuation multiple.
To gain a deeper understanding of Atos' financials and future prospects, interested investors can find additional insights and tips at InvestingPro. The platform offers a total of 16 InvestingPro Tips for Atos, providing a more comprehensive view of the company's performance and potential.
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