French technology company Atos SE (ATOS.PA) announced on Wednesday the appointment of its chairman, Jean Pierre Mustier, as CEO, marking the fifth leadership change in less than two years. Mustier succeeds Paul Saleh, who assumed the CEO role in January, with the transition effective immediately.
Atos is currently undergoing a significant financial restructuring to address its debt and stabilize its business. The company’s market value has plummeted by 85% this year alone. The French government considers Atos a strategic entity, given its role in securing communications for the French military and managing cybersecurity for the upcoming Paris Olympic Games.
Mustier, the former CEO of Italian bank UniCredit (CRDI.MI), steps into his new role as the Nanterre Commercial Court initiates procedures to implement Atos’ financial restructuring plan. A hearing is set for October 15 to approve an accelerated safeguard plan.
Earlier this month, Atos secured €1.675 billion ($1.82 billion) in funding from banks and bondholders to support its restructuring efforts.
