Atos investor says turnaround plan 'too ambitious and complicated'
Beleaguered outsourcing tech giant Atos is coming under fire from a section of its investor community over the ambitious turnaround plan that will see the business carved up in two later this year.
Cyril Charlot, founding partner at Sycamore Asset Management , gave a thumbs down to Atos' recovery blueprint late last week as the company's stock slumped to a near 30-year low. "Our main request is that the board members which have been there the longest are replaced with new members who are well recognized in the IT industry,""We have tried to engage with the management and the board in vain so we now think it's time to speak up and we think other shareholders are ready to speak up too."
The share price for Atos currently stands at €10.7 and was previously close to this level in 1993. Just last week, Atos shed 15 percent of its market valuation after Goldman Sachs swapped its rating for the shares to"sell", saying the troubled financial profile and low visibility indicates drawn out recovery.
"The Goldman Sachs note show that the company has lost the trust of markets and investors," said Charlot. He said"if there is no change at the board it will be really hard for the company to regain the trust of investors."
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