French IT firm Atos has announced the appointment of Jean Pierre Mustier as its new chief executive, replacing Paul Saleh.
Mustier, former CEO of Italian bank UniCredit, takes over amidst Atos’ financial restructuring plans, which includes accelerated safeguard proceedings to implement a €1.75 billion new funding plan.
Atos, facing around £3.2 billion in debt, has almost a billion pounds’ worth of UK government contracts, including crucial NHS technology contracts.
The court has estimated that the financial restructuring plan will be successfully approved through the accelerated safeguard proceedings, with a court hearing expected on 15 October 2024.
This new era of recovery and development sees Mustier becoming the sixth Atos chief executive in three years, with plans to implement the restructuring through capital increases and debt issuances from November 2024 to January 2025.
