Atos, the French IT services group, is set to appoint a new chairman, replacing Meunier.

16 Oct, 2023

Atos, the French IT services group, is set to appoint a new chairman, replacing Meunier.

Bertrand Meunier, the chair of beleaguered French IT services group Atos, is reportedly preparing to step down, casting uncertainty over the restructuring and asset sale strategy he championed. Sources familiar with the situation have indicated that Jean Pierre Mustier, a former CEO of Italian bank UniCredit and a member of the Atos board, is being considered as his successor. The official announcement of this shake-up is expected as early as Monday.

The consequences of these board changes on the heavily indebted company's strategy remain unclear. Atos, which provides technology solutions, cybersecurity services, and analytics to businesses, has grappled with a series of challenges during Meunier's tenure, including the appointment of its third CEO in two years.

Atos shares have plummeted by over 50% this year, closing at an all-time low of €4.88 on Friday. The company also possesses quantum computing assets deemed vital to the French government's defense programs.

This reshuffling unfolds against the backdrop of Atos' negotiations to offload its loss-making legacy unit, Tech Foundations, to Czech billionaire Daniel Křetínský. This deal would grant Křetínský a 7.5% stake in Atos's remaining business, which would be rebranded as Eviden.

However, the complexity of this arrangement, along with Atos' planned €900 million capital raise to fortify its balance sheet, has drawn criticism from various shareholders, including hedge fund CIAM and UDAAC, a consortium of small investors. They have alleged insufficient disclosure of the deal's financials.

CIAM has initiated a lawsuit, and UDAAC has reached out to the French markets regulator AMF for intervention. Additionally, a group of French senators expressed reservations about Křetínský's stake in Eviden due to the sensitive nature of its super-calculator technology, which is utilized in the French nuclear weapons program.

Insiders close to Křetínský have indicated his willingness to forgo the disputed part of the deal, and they have communicated this stance to the French government.