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Atos CEO’s Profit Warning Shocker: Five Things To Know

New Atos CEO Rodolphe Belmer issued a profit warning Monday that led to a 16.8 percent drop in the company’s per-share price to 32.10. Atos stock fell to a 52-week low of 31.26 euros per share today in early trading, down almost 19 percent from its previous close of 38.59 euros per share. Here are five things you need to know about the profit slide that was an unwelcome surprise for the new CEO.

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New CEO Predicts A Swift Turnaround

Belmer, previously the CEO of of Paris -based satellite operator Eutelsat and leader of French premium TV channel Canal+, has predicted a “swift turnaround” of the struggling IT outsourcing provider.

“I am convinced that the company has the necessary assets and all the talents to operate a swift turnaround,” he said in a prepared statement. “In this context, I will present at the end of February a new organization to the Board of Directors and, in Q2, a plan that will demonstrate the drivers of this turnaround and the focus on profitable growth and value creation.”

Belmer’s rough start comes after former CEO Elie Girard unexpectedly resigned last October after two years in the top job.

Girard’s departure came six months after Atos disclosed that auditors had discovered accounting errors in its two US subsidiaries. At that time, Atos had also cuts its 2021 revenue goals due to the COVID-19 pandemic.

When Belmer was appointed CEO, Bertrand Meunier, chairman of Atos’ board of directors, said the seasoned French executive was chosen for his “strategic acumen” and proven “leadership and operational efficiency,” as well as his ability to “successfully lead complex transformations.”

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