France based information technology service and consulting company Atos SE (EPA: ATO) announced that its chief executive officer, Rodolphe Belmer, has stepped down from his position following deep divisions with the company’s board over strategy.
This development comes just before the much waited capital market day that investors hope could restore confidence after a string of challenges which have left 66% of company’s market value wiped out in one year.
Citing media reports, the main bone of contention between Belmer and the board is the future of the company’s crown-jewel cybersecurity unit which the CEO is allegedly considering selling so as to raise capital.
Belmer who assumed the position in January, will be leaving the company in September. Atos says it has already appointed tow deputy CEOs, Nourdine Bihmane and Philippe Oliva.
In addition, Atos says it is contemplating splitting into two publicly listed companies which each of the two deputy CEO will lead.
“The split would be aimed at unlocking value as part of a broader plan that would cost an estimated 1.6 billion euros in 2022-2023,” said Atos.
During a call with reporters, Belmer revealed that the company will be selling non-strategic assets amounting to 700 million euros.