PARIS: Atos SE chief executive officer (CEO) Paul Saleh has decided to leave the embattled French information technology (IT) company as the group moves ahead with its creditors’ restructuring plan.
A commercial court has opened an accelerated safeguard proceeding for Atos in a move that will help the company push through a refinancing plan with its creditors, Atos said in a statement yesterday.
The decision was taken by the court considering “the strong level of support” from the company’s financial creditors.
The hearing for the approval of the safeguard plan is expected on Oct 15.
Chairman Jean-Pierre Mustier, a former UniCredit SpA boss, will take over as CEO to guide the company through the final stages of the bailout agreement. He is the sixth person to run Atos in less than three years.
Saleh, whose departure is immediate, had been in the role since January.
Atos announced last week that it had secured €1.68bil (US$1.8bil) of new financing and signed a lock-up agreement with a majority of its creditors, that will see them take control of the heavily indebted firm.
The safeguard could force the company’s dissenting creditors to accept the terms of the restructuring plan.
It is another milestone in a saga to save the IT company that’s a key supplier to both the French nuclear industry and the Paris Olympic Games. — Bloomberg
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
