West Palm Beach (HedgeCo.net) – French IT services group Atos Origin is holding a shareholder meeting on Feb. 10, making board changes and initiating a plan to speed up recovery spearheaded by its new chief executive Thierry Breton.<\/p>\n
Atos Origin is replacing it’s current structure for a single managing board headed by a Chairman and CEO, according to a Reuters report.<\/p>\n
Benoit d’Angelin, who represents hedge fund Centaurus on Atos’s current supervisory board, will not seek a seat on the new board, Centaurus recently cut its direct stake in Atos in September to 6.66% from around 12%, selling its shares to PAI Partners.<\/p>\n
PAI Partners, which is Atos’s main shareholder with a 22.61% holding, would now have three representatives on Atos’s new board, the list showed. Centaurus, together with Pardus Capital, forced board changes at Atos Origin last year after a long-running battle between the company and the activist hedge funds. The two funds still own a combined 16.71% of Atos capital.
Pardus, which sources have said has no plans to sell its stake in Atos, will keep its representative on Atos’s new board, Behdad Alizadeh.<\/p>\n
Meanwhile Jean-Paul Bechat, the former head of Safran’s managing board, and LVMH executive Nicolas Bazire, will sit on the new board as independent members.<\/p>\n
Atos Origin gave the following composition of the 12-member board, which has yet to be approved by shareholders:<\/p>\n
Rene Abate, former chairman of Boston consulting Group; Bedhad Alizadeh, Partner, Pardus Capital Management; Nicolas Bazire, LVMH Exec Committee member, Acquisitions; Jean-Paul Bechat, former head of Safran Managing Board; Thierry Breton, Atos Origin Chief Executive; Dominique Megret, Chairman of Pai Partners; Bertrand Meunier, Head of Investments at Pai Partners; Michel Paris, Senior Partner at Pai Partners; Vernon Sankey, former Chair and CEO of Reckitt & Colman, UK; Jean-Philippe Thierry, AGF Chairman; also on the list is one independent member, who has yet to be named and one representative of the workers holding Atos shares.<\/p>\n
Editing by Alex Akesson<\/p>\n","protected":false},"excerpt":{"rendered":"
West Palm Beach (HedgeCo.net) – French IT services group Atos Origin is holding a shareholder meeting on Feb. 10, making board changes and initiating a plan to speed up recovery spearheaded by its new chief executive Thierry Breton. Atos Origin […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5013,5016,5007,5014,5006,5018,5005,5012,5019,5017,5020,5015,5009,5011,513,5021,5008,5022,5010],"class_list":["post-9538","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-alizadeh","tag-angelin","tag-atos-origin","tag-board-changes","tag-boston-consulting-group","tag-centaurus","tag-dominique-megret","tag-exec-committee","tag-independent-member","tag-independent-members","tag-lvmh","tag-managing-board","tag-nicolas-bazire","tag-pai-partners","tag-pardus-capital-management","tag-reckitt","tag-reuters-report","tag-safran","tag-thierry-breton"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9538"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9538\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}