2024-01-15 18:54:20
Mired in a deep crisis, the French IT group Atos appointed this Monday, January 15, the American Paul Saleh as general manager to maneuver the indebted company and engaged on the path of restructuring.
In a press release, the group set out its roadmap for its new boss, previously financial director: his priorities are “the refinancing of financial debts (…) and current or future negotiations”. Since 2022, Atos has been on the path to splitting into two entities, Tech Foundations and Eviden, to try to find funds in the face of massive debt: the group must repay or refinance 3.65 billion euros of loans and bonds maturing by the end of 2025. Negotiations have been underway for several months concerning the historic outsourcing activities (Tech Foundations), which could be sold to Czech billionaire Daniel Kretinsky. At the beginning of January, Airbus and Atos formalized the aircraft manufacturer’s interest in big data and security activities (which are part of Eviden).
Internal jolts
Former general manager Yves Bernaert, who only spent three months in office, justified his departure, in the press release, by “a difference of point of view on the governance” of the company, without further details. His departure comes as Atos saw its president Bertrand Meunier give up his place in October, in the face of criticism of the proposed split. Internally, these new upheavals were coldly received. “The question currently is where is Atos going apart from filing for bankruptcy?”, a union representative responded to AFP on condition of anonymity. He denounces, with the appointment of Paul Saleh, the arrival of a “financier” devoid of industrial vision.
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Atos also refuted on Monday that it had requested the appointment of a judicial representative or the opening of a conciliation procedure, while press reports mentioned these possibilities. The group recalls, however, that it “reserves the right to use available legal mechanisms”. According to a source close to the matter, discussions with the banks are underway on the issue of the company’s loans. The same source recalled that a “due diligence” procedure (detailed examination of the accounts) was initiated with Airbus and specified that the discussions should continue until March. Regarding the sale of Tech Foundations to Daniel Kretinsky, the terms of which are being renegotiated, Atos has already warned that it has “no certainty” that these discussions “will result in an agreement”.
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