Atos CEO Yves Bernaert quits over governance differences

Atos CEO Yves Bernaert has quit; The board immediately replaced him with Paul Saleh, CFO of the company since August 2023.

Bernaert cited differences of opinion over governance as the reason for his departure: He disagreed with the board about the need for recent changes in the company’s strategy, and the way they were executed.

Two weeks ago, the company announced plans to sell off more of its activities, as it struggled to conclude the sale of its managed infrastructure services business, known as Tech Foundations, to EP Equity Investment. The company needs to raise capital as it seeks to renegotiate €1.5 billion ($1.65 billion) in debt falling due within the year.

Saleh is the company’s fourth new CEO in little more than a year. Former Accenture executive Bernaert took over in October 2023, replacing caretaker CEO Nourdine Bihmane, who then returned to his post as leader of Tech Foundations, the business Atos still hopes to sell. His predecessor, Rodolphe Belmer, was appointed CEO in December 2022 and left in August 2023 following a dispute with activist shareholders.

Alongside Saleh’s appointment, Atos board chairman Jean-Pierre Mustier also named two new directors, Sujatha Chandrasekaran, a former CIO of CommonSpirit Health and of Kimberly-Clark, and Monika Maurer, CEO of Radio Frequency Systems and a former COO of Nokia.

Having a finance expert like Saleh at the helm could help stabilize Atos as it seeks to negotiate the uncertainties around its debt rescheduling and its recapitalization plans, which the company says are unchanged since its announcement on Jan. 3, 2024.