Atos (ATOS.PA) is ending its long-running governance farce by starting at the top. Former UniCredit (CRDI.MI) CEO Jean-Pierre Mustier is taking over as chairman of the 540 million euro French IT group. He must convince investors that he can revitalise the ailing company, whose stock has sunk 94% since early 2020.
Mustier, who led a recapitalisation for UniCredit in 2017, has his work cut out. After three changes of CEO in less than 18 months, Atos now plans to sell its IT outsourcing unit, which faces years of shrinking revenue, to Czech billionaire Daniel Kretinsky for 2 billion euros including debt. Mustier’s challenge will be to ensure a clean separation after years of turmoil. On Monday, Atos also delayed the split until the second quarter of 2024, sending its shares down as much as 4%.
Mustier’s turnaround skills may not be needed for more than a couple of years. Atos’s growing cybersecurity unit Evidian, which accounts for two-thirds of its current operating profit, will remain listed after the split. The banker has often been mentioned as a candidate for top European banking positions, from HSBC (HSBA.L) to UBS (UBSG.S). The Atos job might not be his last. (By Pierre Briancon)
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