Technicolor, in its trading commentary, said it has recorded a solid quarter, marking an improved performance in Adjusted EBITDA and Free Cash Flow compared to last year despite slightly lower sales at constant exchange rates compared to the third quarter of 2018.
The Media and entertainment technologist said it maintains its focus on supporting organic growth in Production Services and delivering the transformation program in Connected Home.
Third quarter revenues achieved a strong revenue performance in Visual Effects and a stable performance in DVD Services. Production Services saw double-digit revenue growth.
Based on third quarter performance, Technicolor confirms its business outlook.
Meanwhile, the Board of Directors of Technicolor has appointed Richard Moat as Chief Executive Officer in replacement of Frédéric Rose.
Moat will bring to Technicolor his considerable experience as a CEO, who has successfully led business transformations in the telecoms and media industries.
Anne Bouverot, Chairperson of the Board, commented: “As a Chairperson of Technicolor, I am delighted by the appointment of Richard Moat as CEO. Richard has a significant track record in turnarounds. With the unanimous support of the Board, he will lead the effort in focusing Technicolor activities on long term sustainable value creation while applying strong financial discipline. During his most recent leadership role at Eir Limited, Richard demonstrated clear capability to drive change, invest in growth and improve performance, creating value for all stakeholders.”
Moat added: “I am very pleased to be joining Technicolor. With its wealth of creative talent, its technology and know-how, the company has the key strengths to extend its leadership across its business sectors. I look forward to leading the team in the achievement of long-term sustainability.”
The Board of Directors of Technicolor and Frédéric Rose have agreed that Rose would leave his position as Chief Executive Officer.
Anne Bouverot added: “I would like to thank Frédéric Rose for his contribution and dedication to Technicolor. Since joining the company in 2008, Frederic restructured its portfolio, focusing the company on its current market leading businesses and successfully rebranding the company into Technicolor.”
Moat has also been appointed by the Board of Directors as Director of Technicolor in replacement of Rose, who resigned from his position as Board member. Moat will be based in Paris.