French tech group Atos appoints new CEO, cash flow warning By Reuters

© Reuters. FILE PHOTO: Atos’ logo is seen on the company’s building in Nantes, France, March 11, 2022. REUTERS/Stephane Mahe/File Photo

Sudip Kar-Gupta

PARIS (Reuters) – French technology company Atos appointed Paul Saleh as its new CEO on Monday and warned that second-half free cash flow would be slightly below its initial target.

Atos said Saleh, currently chief financial officer, would become the company’s fourth CEO in less than two years as it grapples with a series of profit warnings.

Saleh succeeds Yves Bernaert, who left the company “after a period of intense change”, with Jacques-Francois de Perst joining as CFO after holding finance roles at auto parts company Mobivia and telecoms group Vodafone (NASDAQ:), Atos said. .

Les Echos newspaper reported on Monday that the company’s restructuring plans have run into difficulties.

Atos, which is taking longer than expected to negotiate the sale of its loss-making Tech Foundations division, said it had not yet submitted a request to initiate conciliation proceedings with creditors.

A possible sale of the Tech Foundation to Czech billionaire Daniel Kretinsky’s EPEI is still a long way off. Les Echos cited unnamed sources on Monday as saying a “last chance” meeting between the two sides was scheduled for the next few days.

Representatives of Atos and the Kretinsky camp did not immediately respond to Reuters requests for comment on the report.

Atos said Monday that CEO Saleh will continue to focus on refinancing its debt, selling its Tech Foundations business and selling the company’s big data and security (BDS) activities to Airbus.

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