Altice is reorganising its group management and governance in the wake of the resignation of CEO Michel Combes following a bad week on the stock market.
The French media group says its new management and governance structure is designed better to implement its strategy, create clearer accountability amongst management and improve the operational and financial performance of the business.
Altice founder Patrick Drahi will be appointed as President of the Board of Altice N.V and will set out the strategic, operational, commercial and technological agenda for the group and its execution, including in particular SFR Group. Key members of Altice N.V. management will report directly to him:
Altice says the structure represents a return to the core organisation that created the success of the Group. It will provide direct, clear leadership of the European operations to deliver on its potential and continue to support Altice USA.
Under Drahi’s leadership, the new structure assigns clear geographic responsibility. At the same time, it centres core group telecom and media organisations around proven entrepreneurs and the historic core management team. All of these leaders are significant Altice shareholders and will execute Altice’s convergence strategy around telecoms, media-content and data-advertising.
“Michel has been an important part of the Altice story when he first joined the Board of Altice,” commented Drahi. “He provided key support and judgment as we developed our expansion strategy. As CEO, Michel critically created the group structure to operate a transatlantic communications business while driving key technology, research and innovation initiatives, which will serve Altice for the future. I would like to personally thank him for his contribution, integrity, loyalty and friendship.”
“I would like to thank Patrick and the team for their confidence over the past years,” added Combes. “It has been a privilege to be part of the Altice story, accompany the expansion of the group and lead the industrialisation of the convergence strategy. With Patrick returning as President of the group, Altice will be well positioned to execute its strategy across all operations.”