CFO Paul Saleh becomes the IT services company’s fourth new CEO a little over a year, as the company seeks to fill a funding shortfall. Credit: Thinkstock Atos CEO Yves Bernaert has quit; The board immediately replaced him with Paul Saleh, CFO of the company since August 2023. Bernaert cited differences of opinion over governance as the reason for his departure: He disagreed with the board about the need for recent changes in the company’s strategy, and the way they were executed. Two weeks ago, the company announced plans to sell off more of its activities, as it struggled to conclude the sale of its managed infrastructure services business, known as Tech Foundations, to EP Equity Investment. The company needs to raise capital as it seeks to renegotiate €1.5 billion ($1.65 billion) in debt falling due within the year. Saleh is the company’s fourth new CEO in little more than a year. Former Accenture executive Bernaert took over in October 2023, replacing caretaker CEO Nourdine Bihmane, who then returned to his post as leader of Tech Foundations, the business Atos still hopes to sell. His predecessor, Rodolphe Belmer, was appointed CEO in December 2022 and left in August 2023 following a dispute with activist shareholders. Alongside Saleh’s appointment, Atos board chairman Jean-Pierre Mustier also named two new directors, Sujatha Chandrasekaran, a former CIO of CommonSpirit Health and of Kimberly-Clark, and Monika Maurer, CEO of Radio Frequency Systems and a former COO of Nokia. Having a finance expert like Saleh at the helm could help stabilize Atos as it seeks to negotiate the uncertainties around its debt rescheduling and its recapitalization plans, which the company says are unchanged since its announcement on Jan. 3, 2024. “Paul is a seasoned senior executive, with extensive experience in corporate finance, corporate turnarounds, and restructuring — including within the technology industry. He is the right person to lead Atos during this period of transformation,” said Mustier. The transformations Mustier is referring to include the sale of Tech Foundations to EPEI and the possible sale of its big data and security business to Airbus. It is considering the sale of other activities to raise capital too — but must balance its capital needs against maintaining the attractivity of remaining activities for customers, employees, and investors. The company said it is on target to meet its financial projections for the full year 2023, including organic growth of between 0% and 2%, and an operating margin of between 4% and 5% of revenue. However, it expects to miss its free cash flow forecast of negative €1 billion, falling a further €100 million short. It had previously reported revenue of €11.3 billion and free cash flow of negative €197 million for the full year 2022. Related content brandpost Sponsored by Aussie Broadband The Right Networking Solution Lies Not in What You Choose, But Why You Choose It By Aussie Broadband May 29, 2024 6 mins SD-WAN MPLS news OpenAI sets up new safety body in wake of staff departures After losing a number of senior staff over disputes about oversight of its technology, OpenAI is creating new governance structures as it embarks on the development of its next-generation AI model. By Elizabeth Montalbano May 28, 2024 5 mins Generative AI IT Governance brandpost Sponsored by Randstad How CIOs can use internal mobility and redeployment for successful digital transformation The role of your people is key a factor in the success of digital transformation. Find out how redeployment and talent transition experts, Randstad RiseSmart, can help organizations at all stages of the digital transformation journey. By Neal Weinberg May 28, 2024 5 mins Digital Transformation opinion Navigating the Cybersecurity Threat Landscape in the UAE: Strategies for CISOs By Andrea Benito May 28, 2024 4 mins PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe