Atos appoints fifth CEO in less than two years
Technology
Atos appoints fifth CEO in less than two years
(Reuters) - French technology company Atos on Wednesday appointed its chairman Jean Pierre Mustier as CEO to replace departing boss Paul Saleh in its fifth top management reshuffle in less than two years.
Atos is undergoing a financial restructuring in a bid to deal with debt and get its business back on track. This year alone, its market value has dropped by 85%.
The group is deemed strategic by France's government. It secures communications for the French military and is handling cybersecurity for the Paris Olympic Games which are set to kick off.
Mustier, a former CEO of Italian bank UniCredit, takes over from Saleh, who became CEO in January, with immediate effect, the company said on Wednesday.
The appointment comes as the Nanterre Commercial Court opened a procedure to implement Atos' financial restructuring plan. A hearing for the court to approve an accelerated safeguard plan is scheduled for Oct. 15, Atos said.
Earlier this month, the group secured 1.675 billion euros ($1.82 billion) in funding from banks and bondholders.
