- Push-out Score suggests push-out forces
- After less than a year and a half in the position
- Praise and thanks for Combes
- Dexter Goei taking over
- Combes said 62 words
(exechange) — Amsterdam, Netherlands, November 09, 2017 — Michel Combes, chief executive of Altice, leaves. It is an abrupt change. As announced by Altice N.V. in a news release on Thursday, November 09, 2017, Michel Combes leaves the post as Chief Executive Officer at the cable company after less than a year and a half in the position.
No company wants a CEO to flame out in the first years.
The exact date of Combes’ departure was not specified in the announcement. Obviously, it was an abrupt change.
Altice has already removed the name of Combes from the leadership page.
Combes’ duties are taken over by Dexter Goei, currently CEO and Chairman at Altice USA.
Combes’ move is part of a management shake-up also involving the positions of President of the Board of Altice N.V.; Altice Europe CEO; Altice General Secretary; Altice Telecom COO; and SFR Group Chairman and CEO and Altice Media COO.
Patrick Drahi will be appointed as President of the Board of Altice N.V and will set out the strategic, operational, commercial and technological agenda for the group and its execution, including in particular SFR Group.
“Improve the operational and financial performance of the business”
The management change is explained as follows. Altice said in a fairly blunt statement: “The new management and governance structure is designed to better implement Altice’s strategy, create clearer accountability amongst management and improve the operational and financial performance of the business. It aligns more fully the interests of founders and group management, both with significant ownership in the group, and the public shareholder base.”
Precise information about the future plans of Combes was not immediately available.
Altice said: “Altice N.V. … announces the reorganization of its group management and governance in conjunction with the resignation today of Michel Combes, Altice N.V. CEO, Altice N.V. Director, Altice USA Director and SFR Group Chairman and CEO.”
Share price decline
The change follows a sharp decline in the share price of Altice N.V. since November 03, 2017.
In the position of CEO since 2016
Michel Combes served the Chief Executive Officer and Executive Director at Altice N.V. since June 28, 2016 and served as its Chief Operating Officer since September 1, 2015 until June 20, 2016.
Michel Combes was CEO of Alcatel-Lucent, CEO of Vodafone Europe, Chairman and CEO of TDF as well as Chief Financial Officer and Senior Executive Vice President of France Telecom.
Michel Combes has more than 25 years of experience in the telecommunication industry.
He is a graduate of the Ecole Polytechnique and the Paris Telecoms School.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Michel Combes’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 46.2017 ($).